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Afreximbank to acquire minority stake in Geregu Power

  • 1 year, 6 months ago (2022-12-27)
  • David Flin
Africa 309 Gas 382

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.

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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.”