Afreximbank to acquire minority stake in Geregu Power

• 1 year, 4 months ago (2022-12-27)
• David Flin

Africa 303 Gas 373

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The Fund for Export Development in Africa (FEDA), the development impact investment platform of African Export Import Bank (Afreximbank) has announced that it has received internal approvals to acquire a minority stake in Nigeria’s Geregu Power , subject to satisfactory diligence and documentation.

It said that Geregu Power, with a combined generation capacity of over 430 MW, is a highly strategic asset to realising Nigeria’s power sector roadmap. FEDA said that it aims to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.

Femi Otedola, Chairman of Geregu Power, said: “In a period of contracting economic activity globally, to attract this investment from FEDA is testament to our long-term strategic plans and will accelerate our expansion to the wider West African market.”