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HomeBusinessGeregu chairman Otedola urges incoming govt to tackle challenges facing power sector

Geregu chairman Otedola urges incoming govt to tackle challenges facing power sector

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By Ifeyinwa Ezeokoli

The Board and Management of Geregu Power Plc have expressed commitment to capacity expansion to maximize shareholders’ wealth.

The Chairman of the Board of Directors of the company, Femi Otedola, said this during the closing gong ceremony commemorating its first annual general meeting (AGM) as a listed company on the NGX on Tuesday in Lagos.

Otedola also urged the incoming administration to resolve the challenges in the power sector.

While expressing delight at the company’s first anniversary as a listed company, Otedola said that companies need to be listed on the stock exchange to sustain wealth.

He noted that even though the power sector has its challenges, the incoming government can make it s priority to tackle those challenges in the sector.

“We are at a stage where the new government can come in and tackle the challenges in the power sector, and hopefully there will be positive results.

“So what is needed is to seek out 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 percent expansion drive, the first company to release its financial results, and so I am happy to be here,” Otedola said.

Also speaking, the company’s Chief Executive Officer, Akin Akinfemiwa, commended the NGX and stockbrokers for their immense support to the company.

“We want to thank the NGX and stockbrokers for their support. We have come today to state our unflinching commitment to upholding the values and ethos of the exchange.

“We are doing everything within our means to expand our capacity toward maximising shareholders’ wealth,” Akinfemiwa said.

He also restated the company’s dedication to positioning itself to be more valuable to shareholders and the business community at large.

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Responding, the Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, highlighted the contributions and value that Geregu had brought to the capital market since its listing.

Popoola also commended the firm’s board for instituting best practices in corporate governance and playing a leading role in the country’s power sector.

“Geregu was one of the first sets 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.

Popoola also described Otedola as a firm believer in the capital market, saying that the exchange was aware of Geregu’s strategic ambitions.

He said that the NGX would continue to provide the platform needed for companies to raise capital.

The Chairman of Nigerian Exchange Group (NGX) Plc, Umar Kwairanga, commended Otedola for his longstanding contributions to the capital market.

Kwairanga 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 the NGX.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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