NGX names Geregu most compliant listed company for 2023

The Nige­rian Exchange Limited (NGX) has named Geregu Power Plc the ‘Most Compliant Listed Company’ for 2023 fi­nancial year at its 2024 edition Made of Africa Awards.

The management of the NGX said the award is a recognition for “the listed company that demonstrates the highest level of adherence to The Exchange’s Issuers’ Rules, without incurring any penalties.”

According to the NGX, Geregu Power outper­formed competitors in the category, which included oth­er sub-awards such as Best Issuer for Fixed Income List­ings, Most Compliant Trading License Holder, Broker of the Year, and Listing of the Year.

“Geregu Power has es­tablished a reputation for timely filings of unaudited/ audited result & accounts to the investing public and has consistently been among the first companies to file period­ic reports as well as corporate disclosures,” the NGX said.

“In 2024, the company set the pace by publishing its 2023 audited accounts on January 30, weeks into the new year. It continued this trend with its first-quarter financials, released on April 9, just days after the quarter ended.

“The company since listed 2022 has been proactive in or­ganising its Annual General Meetings (AGMs) on time, of­ten ahead of other listed com­panies quoted on the NGX.

“In the last three years, the company has consistently complied to post-listing re­quirement of the Exchange.”

NGX on October 5, 2022 admitted Geregu Power into its main board by way of listing by Introduction (LBI) with the admittance of 2,500,000,000 of ordinary shares of 50 kobo each at N100 per share on the Exchange.

The stock price in its first year listed on NGX witnessed a significant gain, rising by an impressive 49 percent from N100 per share to close at N149 per share in December 2022.