Otedola’s Geregu Power Plant Gains N50bn Four Days After Capital Market Listing

Nigeria’s first listed Power Generating Company, Geregu Power Plant, has gained N50bn four trading days after listing on the Nigerian Exchange Ltd.

On Wednesday October 6, 2022, Geregu became the first GenCo to be admitted into the Mainboard of the NGX by way of listing by Introduction.

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The company’s 2.5 billion ordinary shares of 50 kobo each at N100 per share were admitted on the Exchange.

On the first trading day, GEREGU shares rose 10 per cent to close at N110 per share from the N100 per share it was listed.

On that day, the gain pushed the GenCo’s market capitalization to N275bn, up from the N250bn listed.

A total of 8.5 million shares of GEREGU worth N935m were traded in one day as its listing.

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The GenCo is now worth N300bn as of October 12, according to analysis conducted by THE WHISTLER.

The new height recorded by the GenCo is hinged on the growth of its shares to N120 after four trading days.

The company’s outstanding shares is 2.5bn.

Nigeria’s billionaire businessman, Femi Otedola sits on the Board of Directors of GEREGU as the Executive Chairman.

The plant was constructed and commissioned by the Federal Government on February 16, 2007. It was one of the unbundled companies from the now-defunct Power Holding Company of Nigeria.

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Otedola joined the company in 2013.

Geregu is now owned and operated by Amperion Power Distribution Company Limited holding an 80 per cent stake and 20 per cent retained by FG (jointly held by Bureau of Public Enterprise and Ministry of Finance Incorporated).

Calvados holding owned by Otedola has 95 percent of Amperion Power while Shangai Power owns 5 percent.

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