Geregu Power PLC has been named the “Most Compliant Listed Company” at the 2024 Made of Africa Awards, a recognition for adherence to corporate governance and regulatory standards.
The awards, organized by the Nigerian Exchange Commission (NGX), were held in Lagos and featured prominent stakeholders in the financial and corporate sectors.
The award was presented under the “Compliance and Governance Excellence” category, which recognizes companies that consistently meet The Exchange’s Issuers’ Rules without incurring penalties.
According to the NGX, the award is given to “the listed company that demonstrates the highest level of adherence to The Exchange’s Issuers’ Rules, without incurring any penalties.”
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.
Compliance record
The company has established a reputation for timely, accurate regulatory filings and for its meticulous financial disclosures. Geregu Power has consistently been among the first companies to file periodic reports.
- In 2024, the company set the pace by publishing its audited accounts on January 30, mere weeks into the year. It continued this trend with its first-quarter financials, released on April 9, just days after the quarter closed.
- Moreover, Geregu Power has been proactive in organizing its Annual General Meetings (AGMs) on time, often ahead of its peers.
This year, the company held its AGM in March, significantly earlier than most listed firms. According to Nairametrics research, Geregu has also convened three board meetings this year to approve quarterly financial statements.
Financial Results
The company reported strong financial results for the first nine months of 2024, with pre-tax profit increasing by 107% year-on-year to N36.2 billion, compared with N17.4 billion in the same period of 2023. Revenue for the period grew by 102% to N112.5 billion, driven by N71.4 billion in energy sales and N41.1 billion in capacity charges.
Geregu Power has been one of the best-performing stocks on the Nigerian Exchange this year. As of November, its share price had risen by 188% to close at N1,150. Earlier in the year, the company declared a dividend of N8 per share, which was paid to shareholders on March 30.
About Geregu Power PLC
Geregu Power PLC is a key player in Nigeria’s power generation sector, addressing the country’s ongoing need for reliable electricity.
- With its corporate office located in Victoria Island, Lagos, and its operational base along the Itobe-Ajaokuta Expressway in Ajaokuta, Kogi State, the company is positioned to contribute to Nigeria’s energy needs.
- As a listed company on the Nigerian Exchange Limited, Geregu Power PLC prioritizes corporate governance, environmental responsibility, and sustainability, utilizing modern technology to address Nigeria’s increasing energy demands.
- Geregu Power PLC is chaired by Mr. Femi Otedola, CON, who has led the Board of Directors since November 2013, guiding the company with his extensive experience and leadership.
- The company’s daily operations are led by CEO Akin Akinfemiwa, focused on innovation and growth, with support from Deputy CEO Julius B. Omodayo-Owotuga, FCA, CFA, whose financial expertise strengthens the leadership team.
The company’s commitment to maintaining timely filings of audited accounts, quarterly reports, and other financial disclosures, alongside adherence to the exchange’s listing requirements, likely contributed to its recognition at the 2024 Made of Africa Awards.
