Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

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.

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.

This year, the company held its AGM in March, significantly earlier than most listed firms. According to Naijaonpoint research, Geregu has also convened three board meetings this year to approve quarterly financial statements.

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.

Geregu Power PLC is a key player in Nigeria’s power generation sector, addressing the country’s ongoing need for reliable electricity.

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.