Recap: In 2022, Geregu Power Became First Power Company To List On NGX

Geregu Power gains 10% in market value on buy pressure

In October 2022, Geregu Power Plc became the first electricity company to list on the Nigerian Exchange Group (NGX).

The listing was by way of introduction and saw the company listing 2.5 billion ordinary shares of 50 kobo each at a share price of N100 per share valuing the company at about N250 billion on the first day.

The Chief Executive Officer of NGX, Mr Temi Popoola, described the development as ‘promising’ and pointed out some of the ways the listing would be beneficial. He said:

  • “Today’s listing is a promising development in the country’s power sector and we are delighted to welcome Geregu Power Plc to the Exchange. Having Geregu listed in our market is proof of NGX’s commitment to building a robust and inclusive market and creating avenues for sustainable investment. This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.

Since the listing, Geregu Power has gained 10% or N25 billion despite a sustained bearish market, occasioned by factors such as the build-up to the 2023 general elections and interest rate hikes.

Why it’s important: Being the first power sector player to list on NGX, Geregu Power showed some level of trust in Nigeria’s power sector.

According to industry experts, the listing indicates that there is a market for power generation in Nigeria, which is good news for investors and potential partners. It shows that Geregu Power is doing something right and that there is commercial value in the business.

The NGX listing also shows stakeholders and potential investors that Geregu Power is creating some value in the power sector.

Before this time, those looking to invest in power generation companies may have been reluctant to do so, due to the notion that power generation is not a profitable venture as a result of debts being owed by power generation companies to natural gas suppliers.

However, with the listing, Geregu Power has been able to instil confidence in those who may want to invest in power generation.

Driving factors for success: As far back as 2020, Geregu Power Plc earned a commendation from the Nigerian Senate for meeting the performance target set by the Bureau of Public Enterprise (BPE). In a June 2020, exclusive interview with Nairametrics, Akin Akinfemiwa, the chief executive officer of Geregu Power Plc, spoke about factors that have helped the company achieve/surpass set objectives. Some of these factors include:

  • Meeting and exceeding the goals of the privatization exercise
  • Prudent management of resources
  • Maintaining high levels of operational efficiency
  • Effective relationship management with all stakeholders along the power value chain.
  • Strong corporate governance practices to ensure transparency and accountability


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