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Otedola’s Geregu becomes first power firm to list shares on NGX

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YESTERDAY’S listing of Geregu Power Plc paidup share capital on the floor of the Nigerian Exchange (NGX) cleared the coast for trading on the shares of the electricity power generation company (GenCo).

NGX listed a total of 2.5 billion ordinary shares of Geregu at N100 per share, under the utilities sector and electric power generation sub-sector of NGX.

Geregu Power, which generates 10 per cent of power to the national grid, blazes the trail as the first GenCo to be listed on the NGX’s main board, a listing segment for well-established companies with demonstrable records of accomplishments.

The listing of Geregu’s shares added N250 billion to the market capitalisation of NGX, further boosting liquidity in the capital market and providing opportunities for wealth creation.

The market was enlivened by the listing of the GenCo as its share price rose by 10 per cent or N10 on its first trading day on the NGX to close at N110 per share from N100 per share it was listed.

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