Afreximbank’s FEDA Acquires 5% Stake In Geregu Power

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The Fund for Export Development in Africa (FEDA) has acquired a 5 percent stake in Geregu Power Plc, an electricity-generating firm.

FEDA is the impact development unit of the Africa Export and Import Bank (Afreximbank).

Details of the acquisition were contained in a statement issued by Akinleye Olagbende, Geregu’s secretary, to the Nigerian Exchange Limited (NGX) on Wednesday.

Afreximbank’s FEDA Acquires 5% Stake In Geregu Power

In October 2022, Geregu Power Plc became the first electricity generation company (GenCo) to be listed on the main board of the NGX.

“The purchase of the shares was concluded today the 21st of February 2023 with the purchase agreed in on the 21st of December 2022,” the statement reads.