The Nigerian Exchange (NGX) has commended the Chairman, Geregu Power Plc, Mr Femi Otedola, CON, and the firm’s Board for instituting best practices in corporate governance and playing a leading role in the country’s power sector.
This was at the Closing Gong Ceremony commemorating the first Annual General Meeting of Geregu as a listed company on the Exchange. Since its listing on NGX, Geregu has added more than N800bn in market capitalisation to NGX as the market continues to price up its shares amid strong revenue generation and dividend yields.
The Chief Executive Officer, NGX, Mr Temi Popoola highlighted the contributions and value that Geregu had brought to the capital market since its listing and also noted the quality of corporate governance exhibited by the firm. “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.
On his part, Mr Otedola appreciated NGX for the platform provided to listed companies for their capital raising activities, and also the transformation of the Exchange through its demutualisation period. “We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance,” he added. The CEO, Geregu, Mr Akin Akinfemiwa also restated the company’s dedication to positioning itself to be more valuable to shareholders and the business community at large.
The Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Dr Umar Kwairanga commended Mr Otedola for his longstanding contributions to the capital market. He also expressed optimism that the listing of Geregu as the first power-generating firm and its experience in the capital market would encourage other players in the sector to come and list on NGX.
Mr Abubakar Mahmoud, SAN, OON, 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.”