Geregu Power Plc, a Nigerian electricity generation company owned by Femi Otedola is in talks with the Fund for Export Development in Africa, an arm of the Africa Export and Import Bank (AFREXIM) to acquire a portion of shares in the power firm.
“The discussions are currently on going,” Geregu said in a filing to the Nigerian Exchange Ltd.
The country’s electricity and generation firms have faced inadequate infrastructure, funding and revenue challenges since private owners took over the power assets nine years ago under a government privatization program.
More than 40% of residents in the nation of about 200 million people have no access to electricity, according to the World Bank.
Geregu has 435 megawatts installed capacity and generates about 10% of the country’s power, according to its website.
The company is the only power firm listed in the Nigerian Stock Exchange, having been admitted some months ago.
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