Afreximbank’s FEDA Acquires Minority Stake In Geregu Power Plc

A subsidiary of Afreximbank, FEDA has announced its internal approval to acquire a strategic minority stake in Geregu Power Plc.

According to a press release, it received the approval after completing satisfactory diligence and documentation.

According to FEDA, its investment in Geregu Power aims to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.

Speaking on the approval, Prof. Benedict Oramah, President and Chairman of Afreximbank and Chairman of FEDA platform entities, said: “We are very pleased with this proposed investment, which marks a critical step towards supporting Nigeria’s power sector, and more broadly, towards advancing Africa’s industrialization and energy security.

"We hope that this approved investment will take us closer towards that goal.”

Also speaking, Femi Otedola, Chairman, Board of Directors, Geregu Power Plc stated that: “As the pioneer Power Generation Company on the Nigerian Exchange Limited (NGX), the interest shown by FEDA, is an expression of its firm belief not only in the Company but also in the future of the Nigerian Electricity Supply Industry (NESI).

Geregu Power is one of Nigeria’s leading power generation companies with a capacity in excess of 430 megawatts.