Chairman, Board of Directors, Geregu Power Plc, Mr. Femi Otedola, Tuesday restated the commitment of the company towards the delivery of improved performance, stressing that it was taking necessary steps to expand its capacity in order to maximise shareholders’ wealth.
Otedola stated this while speaking at the “closing gong ceremony” and commemoration of the first Annual General Meeting (AGM) on the floor of the Nigerian Exchange Limited (NGX) in Lagos.
He called on the incoming administration to do all it could to tackle power sector challenges adding that even though the power sector has its challenges, the incoming government could set its priority on tackling the challenges in the sector.
Otedola explained that the major problem is transmission, saying that if power is well organised it is even cheaper and would have a lot of positive impact on the manufacturing sector and the entire economy as a whole.
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“I believe we are now in the stage where the power sector will get a lot of attention. We have new plants. Our problem is transmission, there is a need to look in this direction.
“We are in a stage where the new government can come and tackle the challenges in the power sector and hopefully there will be positive results. So, what is needed is to seek investors who have knowledge of the private sector to work on these challenges.
“We had come to the exchange to list for the very first time. The first power company to embark on an aggressive 300 per cent expansion drive; the first company to release its financial result and so I am happy to be here,” he said.
Also speaking, the Chief Executive Officer, Geregu Power Plc, Mr. Akin Akinfemiwa, acknowledged NGX and stockbrokers for their support of listing the company and trading the company’s stocks on the bourse.
On his part, the Chairman, NGX, Alhaji Umaru Kwairanga, commended Geregu Power Plc for showing good example in adhering to the post-listing requirements. He urged more power companies, among others to come on board and get listed so that they can also benefit from the capital market.
Also speaking, the Chief Executive Officer, NGX, Mr. Temi Popoola, described Otedola as a firm believer in the capital market, noting that the exchange was aware of Geregu Power Plc’s strategic ambitions to ensure more value for all stakeholders..
Geregu Power Plc rewarded shareholders with a dividend of N8 per share for the year ended December 31, 2022.
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