Geregu

Femi Otedola’s Geregu Power recorded roughly a three-fifth jump in bottom-line to N16.1 billion for last year after notable improvement in key revenue sources, the power generating company said Tuesday in its audited earnings report. Shares in the company appreciated 4.6 per cent in Lagos after the news hit the market, making it the second-best-performing stock of the day. The second publicly issued audited account of the company, which was listed on the Nigerian Exchange in October 2022, showed revenue at N82.9…

The chairman of Geregu Power Plc, Femi Otedola, has sold 2.8 million units of his shares in the power generation company, where he is holding the majority stake. He offloaded the shares via two transactions executed on different dates. The first involved 1.9 million shares sold at N288.9 each on 8 May; the second 948,092 shares sold at N290.7 per unit on 9 May, according to a regulatory filing seen by PREMIUM TIMES. Both deals summed up to N817.3 million. A separate share dealing document at the Nigerian Exchange…

The Fund for Export Development in Africa (FEDA), the impact development unit of Africa Export and Import Bank (Afreximbank), has obtained a 5 per cent stake in electricity generating firm, Geregu Power. “The purchase of the shares was concluded today the 21st of February 2023 with the purchase agreed in on the 21st of December 2022,” Geregu said in a note to the Nigerian Exchange published on Wednesday. Shares in the company accelerated by 10 per cent, the maximum allowed daily limit, as of 13:03 WAT to N246.4…

Two brothers of Femi Otedola, the majority owner of Geregu Power, have obtained shares summing up to 7.7 million in the electricity-generating firm. According to details of regulatory filings posted on the Nigerian Exchange’s website on Thursday, Paul Olurotimi Otedola purchased 3.6 million shares at N219 per unit and 100,000 shares at N207.9 per unit on 2 and 7 February in deals worth N809.2 million. Similarly, Ayokunle Michael Otedola bought 4 million shares at N219 per unit for N876 million on 2 February,…

Femi Otedola’s Geregu Power recorded a drop in post-tax profit of 50.5 per cent for 2022 as revenue tumbled steeply and finance costs soared almost seven times, eating away at earnings, the audited financial statements of the power-generating firm showed Wednesday. At N47.6 billion, the company posted one-third less revenue than it reported one year prior as gas supplies to the firm stopped mid-July on account of a nationwide force majeure declared by Shell Petroleum Development Company Limited, its major…

The Fund for Export Development in Africa (FEDA), a unit of African Export-Import Bank (Afreximbank), says it has received approval from its internal approving authority to acquire a minority stake in Geregu Power Plc. Geregu Power, controlled by the business tycoon Femi Otedola, is a 435 megawatt thermal power plant located in Ajaokuta, Kogi State, and is listed on the Nigerian Exchange. FEDA, based in Kigali, is the development impact investment platform of Afreximbank with the mandate of providing capital…

The Fund for Export Development in Africa (FEDA), a unit of African Export-Import Bank (Afreximbank), says it has received approval from its internal approving authority to acquire a minority stake in Geregu Power Plc. Geregu Power, controlled by the business tycoon Femi Otedola, is a 435 megawatt thermal power plant located in Ajaokuta, Kogi State, and is listed on the Nigerian Exchange. FEDA, based in Kigali, is the development impact investment platform of Afreximbank with the mandate of providing capital…

Geregu Power Plc, Nigeria’s newest listed company, said Friday it has commenced stake purchase talks with Fund for Export Development in Africa, a unit of Africa Export and Import Bank (Afreximbank), a move that could earn the latter a strategic investor status in the power firm. Negotiations are still on “and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public,” the power generation said in a statement seen by PREMIUM TIMES. Geregu Power’s share…

Geregu Power Plc (GPP), the first and only power generating company to list on the Nigerian Exchange Limited (NGX), has demonstrated high level of corporate governance and adherence to post-listing obligations as the company has filed its nine months results ended September 30, 2022. The results showed a revenue of N39 billion in 2022, compared with N54 billion in the corresponding period of 2021. The decline, according to the company, is as a result of a nationwide force majeure (FM) declared by Shell Petroleum…

Nigerian stocks inched down 0.02 per cent on Thursday, the culmination of a session where buy and sell pressures were almost balanced and in which liquidity dropped by as much as 44 per cent compared to a day prior. New entrant Geregu Power witnessed its first slip since its admission to the exchange last week, the force of that slide wiping out the positive difference the cumulative gains by the Big 5 lenders, sometimes called FUGAZ according to their initials, would have had on trade. FBN Holdings, UBA and…