June 8, 2023
News Today In the News

Afreximbank Sub-unit Makes Bid For Minority Stake In Geregu Power Plc

The African Export-Import Bank (Afreximbank), has given approval to one of its sub-units – the Fund for Export Development in Africa (FEDA), to acquire a minority stake in Geregu Power Plc. 

The 435-megawatt thermal power plant is located in Ajaokuta, Kogi State, and is listed on the Nigerian Exchange. 

In a statement issued by the bank; the acquisition is part of its intervention efforts in Africa’s energy sector. 

The bank says FEDA has made a strategic decision to support leading energy platforms across Africa, such as Geregu Power which it described as a highly strategic asset to realizing Nigeria’s power sector roadmap. 

It said FEDA 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. 

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