Geregu Power in talks with AFREXIM unit for equity stake

Geregu Power Plc, a Nigerian electricity generation company, is in talks with the Fund for Export Development in Africa, an arm of the Africa Export and Import Bank, for the acquisition of a portion of shares in the power firm.

“The discussions are currently on going,” Geregu said in a filing to the Nigerian Exchange Ltd.

Read also: Geregu Power posts N39bn nine-month revenue

The country’s electricity and generation firms have faced challenges of inadequate infrastructure, funding and revenue 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 Stick Exchange into which was admitted some months ago.