Nigerian billionaire Femi Otedola, the chairman of Geregu Power Plc, has urged the incoming government to address challenges in the country’s power sector.
Otedola stated this on the floor of the Nigerian Exchange Limited on Tuesday during the closing-gong ceremony to commemorate Geregu Power’s first annual general meeting.
The main issue in the sector, according to Otedola, was transmission.
He stated that a well-organized power sector would have a significant positive impact on the manufacturing sector and the economy as a whole.
“I believe we are now in the stage that the power sector will get a lot of attention. We have new plants,” he said.
“Our problem is transmission; there is need to look in this direction,” he said. “We are in a stage where the new government can come and tackle the challenges in the power sector and hopefully there will be positive results. So, what is needed is to seek investors who have knowledge of the private sector to work on these challenges.”
Regarding the listing of Geregu Power on the NGX, Otedola stated: “We had come to the Exchange to list for the very first time; The first power company to embark on an aggressive 300 percent expansion drive; the first company to release its financial result and so I’m happy to be here.”
Femi Otedola added that listing on capital markets is necessary for any company to sustain wealth.
