Otedola to Sell Shares of Its Electricity Company, Geregu Power, to Nigerians, Targets N250bn
Nigerians now have the opportunity to become co-owners with Femi Otedola as he lists his electricity company,
Geregu Power Plc, on the Nigeria exchange Geregu power is the latest investment bet of the Nigerian billionaire after he sold his oil company, Forte in 2019
The move makes Geregu Power the first power company to be listed on the Nigerian exchange, and Otedola hopes to raise N250 billion in investment.
Billionaire Femi Otedola officially listed his electricity company, Geregu Power Plc, on the Nigerian exchange.
The development allows the public to become part owners by buying the company’s shares for N100 per share.
Geregu Power plc is one of Nigeria’s major power generation companies (Genco), and Otedola has stated that it would be his primary business focus, BusinessDay reports.
Otedola makes history
Premium times reports that Geregu Power Plant will sell 2.5 billion ordinary shares of 50 kobo each, with the opening selling price placed at N100 per share.
Following the successful listing, Geregu Power has become the first electricity company- generation, transmission, or distribution -that will be listed on the Exchange in Nigeria’s history.
Where to buy shares of Geregu Power
For Nigerians interested in investing, the stockbrokers lined up for the share sale are: Vetiva Securities, Limited; Apel Asset and Trust Limited; APT Securities and Funds Limited; and Cordros Securities Limited.
Others are Crossworld
Securities Limited, Dynamic Portfolios Limited, Signet Investment and Securities Limited, and TRW Stockbrokers Limited. Vetiva Capital Management Limited; and Kairos Capital Limited are the Issuing House(s)/Financial Adviser(s).
In response to the listing, in a note, Victoria Ejugwu, an economist at Vetiva Research, expressed confidence in the company’s shares performing well on the Nigerian exchange.