Thursday, 21st September 2023

Otedola wants incoming govt to prioritise power, tackle lingering issues

By Helen Oji
29 March 2023   |   4:15 am
Geregu Power Plc has stressed the need for the incoming government to give priority to the power sector and tackle issues impeding the growth of the industry over the years.

Deputy Chief Executive, Geregu Power Plc, Julius Owotuga (left); Chief Executive Officer, Akin Akinfemiwa; Independent Non Executive Director, Doron Grupper; Chairman, Femi Otedola; Independent Non Executive Director, Anil Dua; Independent Non Executive Director, John Robert Lee and Independent Non Executive Director, Paul Miyonmide Gbededo at the 11th yearly General Meeting of Geregu Power Plc in Lagos…yesterday. PHOTO: SUNDAY AKINLOLU

…Firm to expand business capacity, maximise shareholders’ value

Geregu Power Plc has stressed the need for the incoming government to give priority to the power sector and tackle issues impeding the growth of the industry over the years.

The company also expressed its commitment to expand its business capacity on a sustainable basis and leverage new opportunities in the industry to maximise shareholders’ value.

Chairman of the company, Femi Otedola while addressing stockbrokers during the Closing Gong ceremony and commemoration of its first yearly general meeting as a listed company, which was held in Lagos on Tuesday, bemoaned the myriad of problems facing the nation’s power sector.

However, he expressed optimism that the challenges were surmountable if the successes recorded in other sectors of the economy are replicated in the power sector.

“The power sector has a lot of problems. But these problems are surmountable. Unfortunately, all successive governments have failed. We are at the stage where we need to give the power sector attention and priority. The problem of the sector is transmission.

“We are in a stage where the new government can come and tackle the challenges in the 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 per cent expansion drive, the first company to release its financial result and so I am happy to be here,” Otedola said.

“We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance,” he added.

Otedola also appreciated NGX for the platform provided to listed companies for their capital raising activities, and also the transformation of the Exchange through its demutualisation period

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 of Nigerian Exchange Limited (NGX), Temi Popoola said the exchange is aware of Geregu’s strategic ambitions, urging the company to approach the capital market to raise funds for its expansion programmes.

Popoola stressed the contributions and value that Geregu had brought to the capital market since its listing, while applauding the quality of corporate governance exhibited by the firm.

“Geregu was one of the first set 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.

NGX Group’s Chairman, Alhaji Umaru Kwairanga, while commending the company, urged more power companies to list their shares on the exchange to reap the benefit of capital market instruments.

Kwairanga commended Mr Otedola for his longstanding contributions to the capital market. He 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 NGX.