The management of the Nigerian Exchange Limited (NGX) has awarded Geregu Power Plc as the ‘Most Compliant Listed Company’ for 2023 financial year at its 2024 edition Made of Africa Awards.
The award is a recognition for the listed power generating company adherence to corporate governance, ethics and regulatory standards.
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.
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.
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.
Geregu Power on October 5, 2022 was admitted into the main board of NGX 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 gained 49 percent from N100 per share to close at N149.00 per share in December 2022.
However, the stock price so far in 2024 has appreciated significantly by 188 percent Year-till -Date (YtD) to close December 6, 2024, at N1,150.00 per share from N399 per share it opened for trading on NGX.
Geregu Power as of December 6, 2024 has market capitalisation of about N2.88 trillion.