Mr. Femi Otedola, Chairman of Geregu Power Plc, has stated that for companies to sustain wealth, they must list on the Nigerian Exchange.
This was stated by Otedola at the Closing Gong Ceremony commemorating Geregu’s first Annual General Meeting as a listed company on the Exchange.
The platform for capital raising
He appreciated NGX for the platform provided to listed companies for their capital raising activities, and also the transformation of the Exchange through its demutualization period.
We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance, he added.
This is my second coming to the Exchange and I always believe that to sustain wealth you need to list your company on the stock Exchange, I made reference to the encounter I had with Chief Adedoyin, I understand that the problems the last generation encountered in businesses were that they refused to list their businesses.
So I as an individual have learned from that lesson, that’s why I decided that we must list this company, he said.
Power sector
He noted that the power sector has a lot of problems but they are surmountable problems adding that is a matter of leadership in the country.
- “Today am lamenting about the cost of diesel, I have asked my team to go and start installing solar panels to save the cost of diesel If the power is well organized, it is even cheaper, you won’t need diesel, and you don’t have to maintain a generator. I believe we can get there, is a matter of time.
- Like I said earlier, Aliko Dangote as an individual has built 2000 megawatts of power for his cement plants, fertilizer plant, and refinery, and the country since I was born only has 5000 megawatts, so it is disheartening, I think the successive government has failed in this regard but I believe we are now in a stage that the power sector will get a lot of attention,” he said.
Mr. Akin Akinfemiwa, CEO of Geregu, also reiterated the company’s commitment to positioning itself to be more valuable to shareholders and the business community at large.
The NGX praised Otedola and the firm’s Board for implementing best practices in corporate governance and for playing a leadership role in the country’s power sector.
Mr. Temi Popoola, Chief Executive Officer of NGX, emphasized the contributions and value that Geregu had brought to the capital market since its listing, as well as the firm’s quality of corporate governance.
Popoola noted that Geregu has added more than N800 billion in market capitalization to NGX since its listing, as the market continues to price up its shares amid strong revenue generation and dividend yields.
Geregu was one of the first set of listed companies to file their annual reports on the Exchange. It has also contributed significantly to the volume of trades done on the market since its listing, he said.
Alhaji Dr. Umar Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group) Plc, praised Mr. Otedola for his long-standing contributions to the capital market.
He also expressed confidence that Geregu’s listing as the first power-generating firm, as well as its experience in the capital market, would entice other players in the sector to come and list on NGX.
Mr. Abubakar Mahmoud, Chairman, NGX, represented by Erelu Angela Adebayo, Director, NGX, on her part, said;
It is our hope that NGX and Geregu Power would continue to work together, to sustain our partnership, and consolidate our shared values for improved outcomes that will be beneficial to the market and the Nigerian economy.
Geregu Power, Nigeria’s leading power generation company (GenCo), is the first GenCo to be listed on the NGX main board, a listing segment for well-established companies with track records of success. The listing of Geregu’s shares increased the market capitalization of NGX by N250 billion, increasing liquidity in the Nigerian capital market and providing opportunities for wealth creation.
