Geregu Power Plc — Companies

Why it is on record

First and only pure-play power generation company listed on the Nigerian Exchange (October 2022); 435 MW gas-fired plant at Geregu, Ajaokuta, Kogi State.

Record held

First power-generation utility listed on the NGX.

Founders

Originally a National Integrated Power Project (NIPP) asset of the FGN; acquired in the 2013 PHCN privatisation by Amperion Power Distribution Company (a consortium led by Forte Oil under Femi Otedola).

Headquarters

Lagos; plant at Geregu, Ajaokuta LGA, Kogi State.

Current leadership

Chairman: Femi Otedola; MD/CEO: Akin Akinfemiwa.

Key dates

2007Geregu I (414 MW) commissioned by the FGN under the National Integrated Power Project.
Sep 2013Privatised under the Jonathan power-sector reform; sold to Amperion Power Distribution Company (Forte Oil / Femi Otedola consortium) for $132m.
2019Otedola exits Forte Oil; retains 100% of Amperion / Geregu Power via personal holding.
5 Oct 2022Geregu Power Plc lists on the NGX by way of introduction at N100/share — first NGX-listed pure-play power generator. Market cap on listing: N250bn.
2024Market cap crosses N1.1 trillion intraday — among the most valuable NGX-listed companies.

Deep dive

Geregu Power's October 2022 listing was the single most consequential capital-markets event in the Nigerian power sector since the 2013 privatisation. It was the first time a generation asset had been brought to the public market as a stand-alone listed company, and the first time retail investors could hold direct equity in a Nigerian GenCo.

The asset itself — a 435 MW combined-cycle gas-turbine plant at Geregu, Ajaokuta, Kogi State — was commissioned in 2007 as part of the Obasanjo administration's National Integrated Power Project. It passed to Femi Otedola's Amperion consortium in the 2013 PHCN unbundling. Otedola's 2019 exit from Forte Oil consolidated his personal control: Geregu Power is now the principal listed vehicle of his post-oil portfolio.

The company's market capitalisation crossed one trillion naira in 2024 — a valuation underwritten by the relative reliability of its generation, the long-term PPAs with the Nigerian Bulk Electricity Trader, and the broader scarcity of bankable Nigerian power-sector listings. Geregu remains the reference price for power-asset valuation on the NGX.