• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, February 2, 2023
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

2 Months After Listing, Geregu Power In Talks With Afreximbank For Equity Acquisition

by Nse Anthony - Uko
2 months ago
in Business
Reading Time: 2 mins read
Afreximbank

Afreximbank

Share on WhatsAppShare on FacebookShare on TwitterTelegram

Geregu Power Plc has notified the Nigerian Exchange Limited and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares.

FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank), Bloomberg reported.

The move, announced on the Nigerian Exchange (NGX) at the weekend, comes nearly two months after the Otedola-led power-generating company successfully listed its shares.

“The discussions are currently on going and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange,” Geregu Power said.

For the year ended December 2021, Geregu Power’s net income surged by 45.53 percent to N20.54 billion from N14.12 billion as at December 2020.

Geregu Power Geregu Power Geregu Power
ADVERTISEMENT

It earns sizable profit from business function for a given period as operating profit soared by 54.55 percent to N29.52 per cent in December 2021 from N19.10 billion the previous year.

RELATED

LCCI Seeks Continuous Govt Effort To Create Enabling Business Environment

LCCI Laments Negative Impact Of Naira Redesign On Businesses

17 hours ago
FIRS

Public Service Recognition, Morale Booster For Us – Nami

17 hours ago

The Benedict Oramah-led bank stressed that it plans to buy shares in Geregu Power Plc, a leading power-generation company majority owned by Nigerian billionaire Femi Otedola.

“Geregu Power Plc hereby notifies the Nigerian Exchange Limited and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares,” the company’s secretary said in a statement.

Although the specifics of the proposed transaction are currently unknown, discussions are ongoing as both parties move negotiations to a more advanced stage.

Geregu, a spin-off subsidiary of Otedola’s now-defunct Power Holding Company of Nigeria, successfully listed its shares on the Nigerian Exchange on October 5 at a price of N100 ($0.231) per share, giving it a market capitalization on the local bourse of N250 billion ($579 million).

The company’s shares have increased by 22.8 per cent since they were listed on the Nigerian Exchange, from N100 ($0.225) on October 5 to N122.8 ($0.276) on December 3 as retail investors, investment banks, and hedge funds continue to buy into the power company.

Geregu has grown into one of Nigeria’s largest power-generating enterprises under Otedola’s ownership, using gas turbines as a clean energy source to generate power.

At the end of its fiscal year in 2021, the power-generating company, Otedola, reported a profit of N20.55 billion ($47.32 million), owing to a double-digit per cent increase in revenue.

Despite disruptions in the Nigerian power sector, revenue increased from N53.67 billion to N70.97 billion ($163.4 million), according to billionaires Africa, a website that reports on Africa’s wealthiest people

SendShareTweetShare
Previous Post

Qatar 2022: Sterling Leaves England Squad After Armed Robbers Break Into Home

Next Post

Ecobank Appoints Oyedeji As DMD

Nse Anthony - Uko

Nse Anthony - Uko

YOU MAY LIKE

LCCI Seeks Continuous Govt Effort To Create Enabling Business Environment
Business

LCCI Laments Negative Impact Of Naira Redesign On Businesses

17 hours ago
FIRS
Business

Public Service Recognition, Morale Booster For Us – Nami

17 hours ago
NBCC To Engage NPA, Others On Bottlenecks In Export Process
Business

Lagos Accident: NPA Begins Strict Enforcement Of Truck Safety Standard  

17 hours ago
Next Post
Ecobank Appoints Oyedeji As DMD

Ecobank Appoints Oyedeji As DMD

ADVERTISEMENT

LATEST UPDATES

Leaked Sex Tape: Court Awards N5m Damages Against Singer

Leaked Sex Tape: Court Awards N5m Damages Against Singer

February 2, 2023
Troops Dislodge Bandits, Rescue 30 Kidnap Victims In Kaduna

Troops Dislodge Bandits, Rescue 30 Kidnap Victims In Kaduna

February 2, 2023
Atiku: Revocation Of Campaign Venue By Rivers Gov’t Not Surprising – PDP Council

PDP To Wike: You’ve Directed Your Aides, Others To Vote Tinubu But Lacks Courage To Say It Publicly

February 2, 2023
Controversial Kano TikToker, Murja Kunya, Remanded In Prison Custody

Controversial Kano TikToker, Murja Kunya, Remanded In Prison Custody

February 2, 2023
Full Stake Casino Review 2023 — Overview, Casino, Bonuses, and Features!

Full Stake Casino Review 2023 — Overview, Casino, Bonuses, and Features!

February 2, 2023
Atiku: Revocation Of Campaign Venue By Rivers Gov’t Not Surprising – PDP Council

Atiku: Revocation Of Campaign Venue By Rivers Gov’t Not Surprising – PDP Council

February 2, 2023
Fragile Borders Fueling Terrorism, Economic Sabotage, Illicit Flow Of Arms – Buhari

Fragile Borders Fueling Terrorism, Economic Sabotage, Illicit Flow Of Arms – Buhari

February 2, 2023
JUST-IN: Southern, Middle Belt Leaders Endorse Peter Obi

JUST-IN: Southern, Middle Belt Leaders Endorse Peter Obi

February 2, 2023

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.