By Kehinde Akinseinde -Jayeoba | Lagos
The Fund for Export Development in Africa (FEDA), the impact development unit of the Africa Export and Import Bank (Afreximbank) has acquired a five percent stake in Geregu Power Plc, an electricity-generating firm.
According to a statement issued by Akinleye Olagbende, Geregu’s secretary, to the Nigerian Exchange Limited (NGX), the purchase of the shares was concluded on February 21, 2023 with the purchase agreed on December 21, 2022.
Last year, FEDA announced that it received internal approvals to acquire a strategic minority stake in Geregu Power Plc subject to satisfactory diligence and documentation.
The bank said as part of its intervention efforts in Africa’s energy sector, it made a strategic decision to support leading energy platforms across Africa, including the renewable and transition fuels sectors.
It will be recalled that Geregu, in October 2022, got listed on the NGX. A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share under the utilities sector and electric power generation sub-sector of NGX, with the trading symbol Geregu.
READ ALSO FROM NIGERIAN TRIBUNE
