The investors of the first Nigerian power company to list on the Nigerian Exchange Limited, Geregu Power Plc, have recorded a gain of N122.5bn to wrap up the 2022 trading year.
The power firm’s share price also grew by 49 percent to N149 per share at the end of trading on December 30, 2022.
The Nigerian Exchange Limited had earlier announced the listing by introducing Geregu Power Plc on the main board of the Exchange.
A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the utility sector and electric power generation sub-sector of NGX, with the trading symbol, GEREGU.
However, at the close market in 2022, Geregu’s market capitalisation hit N372.5bn.
Besides boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation, the admittance of Geregu’s shares has consequently added N372.5bn to NGX market capitalization.
Market observers attributed the impressive run of performance of the power firm to the recent announcement that the Fund for Export Development in Africa, the development impact investment platform of the African Export-Import Bank announced that it had received internal approvals to acquire a minority stake in the power firm, subject to satisfactory diligence and documentation.
Recall that Geregu Power, a power generation company in Nigeria, is the first GenCo to be listed on the NGX main board.