Femi Otedola: Geregu List Shares On NGX, As Billionaire Eyes Acquisition Of New Power Plant

An electricity power plant company, Geregu Power Plc, has listed by way of introduction on the Nigerian Exchange Limited (NGX) to raise funds amid report of its expansion plan.

Geregu Power, owned by Nigerian investor, Femi Otedola, listed 2.5 billion shares on the equity market on Wednesday, taking its market capitalisation to N250 billion. 

Prior to the listing on the Nigerian stock exchange, 99.9 per cent stake of Geregu Power was owned by Amperion Power, which is owned by Calvados Holding. 

Calvados Holding is Otedola’s investment vehicle, and it owns 95 per cent stake in Amperion Power, which is one of the companies that acquired power plant when the power industry was privatised by Goodluck Jonathan’s administration in 2013. 

Geregu Power’s entry into the equity market on Wednesday follows the company’s quest to expaqnd its operational capacity by acquiring another power plant, Geregu 2. 

Recall that in July 2022, the Federal Government had named Amperion amongst bidders looking to acquire five power plants that has been put up for sale; Geregu Generation Company Limited and Olorunsogo Generation Company Limited. 

Also on the list includes, Benin Generation Company Limited, Omotosho Generation Company Limited and Calabar Generation Company Limited. 

The acquisition of Geregu 2 will increase the operational capacity of Geregu Power, owned by Otedola, by 434 MW to 735 MW.