The Board and Management of Geregu Power Plc has said it remains committed to expanding its capacity towards maximising shareholder’ value.
This is even as the company urged Nigeria’s incoming administration to do all within its capacity to resolve the nation’s power sector challenges.
The Chairman, Board of Directors, Femi Otedola, stated this during the Closing Gong ceremony and commemoration of its first Annual General Meeting (AGM) as a listed company in Lagos at the weekend.
Whilst expressing delight at the company’s first year anniversary as a listed company, Otedola stated that for companies to sustain wealth, there was need to list on the stock exchange.
He noted that even though the power sector has its challenges, the incoming government can set its priority on tackling the challenges in the sector.
“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 find 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. We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance”, Otedola said.
Also speaking, the company’s Chief Executive Officer, Akin Akinfemiwa, said, “We want to thank NGX and stockbrokers for their support. We have come today to state our unflinching commitment towards upholding the values and ethos of the exchange. We are doing everything within our means to expand our capacity towards maximizing shareholders’ wealth”.
Responding, the Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola, while describing Otedola as a firm believer in the capital market, said that the exchange is aware of Geregu’s strategic ambitions and stated that it is always ready to help companies raise capital.
“We are aware of your strategic ambitions and we assure you that the NGX can help you to raise capital. We have seen benefits of that with the public announcement of FEDA that took a 5 per cent on the floor of the market through those shares, so we hope that you will be using the market now and in any other strategic vehicles and companies that you may have”, Popoola said.
For his part, the NGX Group’s Chairman, Alhaji Umaru Kwairanga, while commending the company, urged more power companies and others to come onboard so that they can also benefit from the capital market.
