Femi Otedola's electricity company gets listed on NGX Main Board

The Nigerian Exchange Limited announced the listing on Wednesday by welcoming Femi Otedola, the billionaire businessman who chairs Geregu Power Plc, to the Main Board of the Exchange.

The first GenCo to be listed on the NGX Main Board, a listing section for well-established businesses with track records of accomplishments, is Geregu Power, a major power generation firm in Nigeria.

According to The PUNCH, 2.5 billion ordinary shares of Geregu were listed on the NGX under the Utility sector and Electric Power Generation sub-sector with the trading symbol "GEREGU" for a price of N100 each.

The listing of Geregu's shares, according to The Exchange in a statement made accessible to The PUNCH, increased market capitalization of NGX by N250,000,000,000 and increased liquidity in the Nigerian capital market, which aspires to offer chances for wealth creation.

Abubakar Mahmood, the chairman of NGX, responded to the development by expressing optimism that additional power-generating firms will follow Geregu's lead and list on The Exchange.

“We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our Main Board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.

“A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders.

“It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”

The Chairman, Board of Directors, Geregu Power Plc, Femi Otedola, stated that the company’s listing would bring world-class standards and processes to the electricity sector.

“The listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the Company and the Nigerian electricity sector.

“Listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders,” he added.

Source