•Otedola: Listing will ensure company’s long-term world-class standard in governance and best practicesGeregu Power Plc was yesterday admitted into the Main board of the Nigerian Exchange Limited by way of listing by Introduction with the admittance of 2.5 billion ordinary shares of 50 kobo each at N100 per share on the Exchange.
The company had appointed the accounting firm of PriceWaterhouseCoopers in June 2022, as auditors of the firm; and also brought on board Mr. Paul Miyonde Gbededo, former Group Managing Director/CE of FMN unto its board. “A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders. It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.
Otedola joined the board of GPP as Chairman of the Board of Directors in November 2013. Prior to this, he was the Chairman of the Board of Directors of Forte Oil Plc from May 2007 to June 2019. His vision transformed Forte Oil Plc into one of the highest performing companies on NGX.
Recently, he became the Chancellor of Augustine Catholic University, Ilara-Epe, Lagos State; and an esteemed member of the ‘Group of Eminent Personalities’ appointed as members of the National Peace Committee ahead of the 2023 elections in Nigeria.