Geregu Power PLC wins ‘Most Compliant Listed Company’ at 2024 Made of Africa Awards/
Geregu Power PLC has been named the “Most Compliant Listed Company” at the 2024 Made of Africa Awards, a recognition for adherence to corporate governance and regulatory standards.
The awards, organised 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 recognises 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.
In 2024, the company set the pace by publishing its audited accounts on January 30, mere weeks into the year. It continued this trend with its first-quarter financials, released on April 9, just days after the quarter closed.
Moreover, Geregu Power has been proactive in organizing its Annual General Meetings (AGMs) on time, often ahead of its peers.
This year, the company held its AGM in March, significantly earlier than most listed firms.
According to 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 percent 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 percent 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.
