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HomeBusinessNigeria’s Geregu in talks with Afreximbank unit for equity stake

Nigeria’s Geregu in talks with Afreximbank unit for equity stake

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Geregu Power Plc, a Nigerian electricity generation company, is in talks with the Fund for Export Development in Africa, an arm of the Africa Export and Import Bank, for the acquisition of a portion of shares in the power firm.

“The discussions are currently on going,” Geregu said in a filing to the Nigerian Exchange Ltd.

“The discussions are currently ongoing and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange,” the company said in regulatory communication with the NGX.

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The country’s electricity and generation firms have faced challenges of inadequate infrastructure, funding and revenue since private owners took over the power assets nine years ago under a government privatization program.

More than 40 percent of residents in the nation of about 200 million people have no access to electricity, according to the World Bank.

Geregu has 435 megawatts installed capacity and generates about 10% of the country’s power, according to its website.

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