Fund for Export Development in Africa (FEDA), an arm of the Africa Export and Import Bank (Afreximbank) has acquired 5% shares in Geregu Power Plc (NGX: GEREGU).
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In a notification signed by the Company Secretary Akinleye Olagbende, Geregu Power Plc informed the Nigerian Exchange and the investing public that the shares purchase was concluded on 21st February, 2023.
With this purchase FEDA, the impact development arm of the Afreximbank, now currently holds 5% of Geregu Power Plc Shares.
Femi Otedola, CON, who is the Chairman of the company through Amperion Power Distribution Limited holds the majority shares of GEREGU.
Investogist reported in October 2022, that Geregu Power Plc, a 435 megawatt thermal power plant located in Ajaokuta, Kogi State, and controlled by the business tycoon Femi Otedola listed 2.5 billion ordinary shares of 50 kobo each at N100 per share on the Nigerian Exchange.
Since its listing in October 2022, the share price has risen by 146.4% to close trading on Tuesday at N246.40 per share.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
