Electricity generating firm, Geregu Power, will list its shares on the Nigerian Exchange (NGX) Limited platform in the coming days, OduNews can confirm.
According to regulatory documents, the company will list a total of 2.5 billion units of its shares at N100.00 per unit by way of introduction on the bourse, increasing the market capitalisation of the exchange by N250 billion.
The listing of these equities is expected on Wednesday and a ceremony to commemorate it will happen later this month.
“We look forward to hosting you at the exchange on October 25 or 26, 2022, for a closing gong ceremony to commemorate the listing,” a message to Geregu Power by the chief executive of the NGX, Mr Temi Popoola, read in part.
Geregu Power has Mr Femi Otedola as its majority shareholder. He left the stock exchange a few years ago after he sold his holdings in the defunct Forte Oil Plc, a company rebranded to Ardova Plc by the new owner, Mr Abdulwasiu Sowami.
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.
Mr Otedola lost his position as Nigeria’s third richest man after Aliko Dangote and Mike Adenuga after a plummet in the value of his shares in the defunct Forte Oil (now Ardova) by $400 million in nine weeks, a 43.5 per cent slide in percentage terms.
He controlled a holding in excess of 78 per cent in the firm before offloading it to Abdulwasiu Sowami’s Ardova and using the proceeds in the purchase of Geregu power following the share price crash. Geregu Power, which generates electricity, has a power distribution unit named Amperion.
