- Geregu Power Plc is the first electricity company to be listed on the Exchange.
- Nigeria currently generates roughly a 4,500MW peak.
One of Nigeria’s leading electricity power plants, Geregu Power Plc in Kogi State, was admitted into the Main Board of the Nigerian Exchange (NGX) by introduction. This is also the second listing on the Nigerian Exchange this year, which is seen as a major achievement for the Exchange.
Geregu Power Plc is the first electricity company listed on the Exchange in Nigeria’s history. In addition, it is the first successor company from Electricity companies privatized in late 2013 to be listed on the Exchange.
Geregu Power Plc was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN). The Company began operations in February 2007 to generate electric power supply to the National Grid managed by the Transmission Company of Nigeria (TCN).
Nigeria currently generates roughly 4,500MW peak despite having an installed power generation capacity of over 12,000MW. Part of the challenge has been attributed to the periodic grid collapses, affecting the ability of power plants to generate more power.
The Central Bank of Nigeria has also sunk in over N300 billion to aid working capital and capital expenditure spending in the sector. However, a successful listing of a power company on the Exchange could pave the way for more companies in the sector to source additional capital to fund their balance sheets.