Nigeria: Otedola's Geregu Power to List 2.5 Billion Shares On NGX As Nigeria's First Quoted Power Firm

3 October 2022
Premium Times (Abuja)
By Ronald Adamolekun

The listing in Lagos on Wednesday, will enable Geregu Power entry to the Nigerian Exchange's (NGX) main board with 2.5 billion shares of N100 per unit by way of introduction, the company having scaled regulators' hurdle.

Geregu Power Plc, the latest bet of Nigerian billionaire, Femi Otedola, will go public this week, according to a regulatory filing obtained by PREMIUM TIMES, easing the path of the company to raising capital and gaining higher notability.

The listing in Lagos on Wednesday, will enable Geregu Power entry to the Nigerian Exchange's (NGX) main board with 2.5 billion shares of N100 per unit by way of introduction, the company having scaled regulators' hurdle.

It suggests the corporation's market value at listing will total N250 billion.

"We look forward to hosting you at the Exchange on October 25th or 26th 20222 for a closing gong ceremony to commemorate the listing," NGX CEO Temi Popoola said in a letter to the company.

The move makes Geregu Power the first power company in Africa's largest economy to attain listing status even though Tony Elumelu-backed Transcorp Nigeria, already listed on the NGX, has power as one of its key focus but not as a separate listing.

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