Geregu Power Plc to become First Power Company to List on the NGX on Oct 05, 2022

Geregu Power Plc will on Wednesday, October 05, 2022 be admitted into the Main board of NGX by way of listing by Introduction (LBI) with the admittance of 2,500,000,000 of ordinary shares of 50 kobo each at N100 per share on the Exchange.

Notably, the company appointed the accounting firm of PriceWaterhouseCoopers (PwC) in June 2022 as auditors of the firm; and also brought on board Mr. Paul Miyonde Gbededo, former Group Managing Director/CE of FMN unto its board.

This will be the first company in the energy/power sector to be so listed on the NGX. To mark the significance of the listing, a closing gong ceremony is being planned for the last week of October 2022.

The Board of Directors

Femi OTEDOLA, CON – Chairman

Femi Otedola joined the board of GPP as Chairman of the Board of Directors in November 2013. Prior to this, he was the Chairman of the Board of Directors of Forte Oil Plc (now Ardova Plc) from May 2007 to June 2019. His vision transformed Forte Oil Plc into one of the highest performing companies on NGX. The Company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, prompt financial reporting, strong corporate governance and investment of choice within the Oil and Gas Industry and NGX.

In 2019, with a firm belief in the power reforms of the Federal Government and overall vision “to be the leading provider of integrated power in the region”, he made a very strategic decision to sell his majority stake in Forte Oil Plc and invest in developing the power industry in Nigeria through the acquisition of a majority stake in GPP, via an investment vehicle called Amperion Power Distribution Company Limited.

He has held several board memberships including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja. He was appointed Member of the Governing Council of the Nigerian Investment Promotion Council in January 2004 and in December of the same year, he was appointed a Member of the Committee saddled with the task of fostering business relationship between the Nigerian and the South African Private sectors. He was a member of the National Economic Management Team from September 2011 to May, 2015 and the Honorary International Investors Council under the leadership of Baroness Lydna Chalker. Mr. Otedola was further recognized for his immense contributions to the growth of the Nigerian economy with the conferment of the prestigious National Honour of “Commander of the Order of the Niger – CON” in May 2010.

A philanthropist with deep involvement in educational causes at all levels via the Sir Michael Otedola Scholarship Awards Foundation, he has continued to demonstrate his passion for his community, Epe, Lagos State and Nigeria in general, committing huge financial resources to the sponsorship of promising but financially disadvantaged students.

Recently, he became the Chancellor of Augustine University, Ilara-Epe, Lagos State; and an esteemed member of the ‘Group of Eminent Personalities’ appointed as members of the National Peace Committee (NPC) ahead of the 2023 elections in Nigeria.

Akin AKINFEMIWA – Chief Executive Officer

Akin Akinfemiwa is the Chief Executive Officer of GPP and is responsible for the overall strategic leadership, direction and expansion for the business. He coordinates the formulation, review and implementation of the organisation’s strategy, goals and objectives. Akin serves as a Director on the Board of Amperion Power Distribution Limited, and GPP.

Mr. Akinfemiwa is a seasoned and experienced international petroleum products 

trader and energy professional with focus on power generation, oil and oil products futures, swaps and derivatives trading responsibilities with a career spanning over twenty-two (22) years locally and internationally. He was previously Group CEO of Forte Oil Plc, a leading public listed downstream Oil & Gas company in Nigeria with over four hundred and fifty (450) retail outlets spread across Nigeria for eight (8) years where he led the company’ transformation plans and successfully turnaround of a moribund company to a vibrant profit-making entity.

He also served as Chairman, Forte Upstream Services and Chairman, MOMAN (Major Oil Marketers Association of Nigeria) and Director, African Petroleum Ghana, Director of Trading and Business Development at Fineshade Energy United Kingdom as well as Senior Derivatives and Products Trader at Oando Plc, where he used his influence in developing strategic trading and supply relationships for Oando Plc in the West African Sub Region. Prior to this, Akin had worked with FSB International Bank plc as a Business Process Analyst and a sub-team leader on the Company’s Business Transformation project in 2001.

Mr. Akinfemiwa is an alumnus of the Said Business School, University of Oxford and at various times attended various management programs at the Harvard Business School, Boston and the Wharton Business School, University of Pennsylvania. He also holds a B.Sc. (Honours) degree in Mechanical Engineering from the University of Ibadan and a Master of Business Administration (Information Technology) from the University of Lincolnshire and Humberside, United Kingdom.

Christopher ADEYEMI – Director

Chris Adeyemi attended Obafemi Awolowo University Ile Ife where he obtained his LL.B (Hons) degree in 1989. He became a Barrister and Solicitor of the Supreme Court of Nigeria in 1991. Mr. Adeyemi began his legal career as Head of Green Form Advice and Assistance Team in The Legal Aid Board of England and Wales. During his stint at the Legal Aid Board, he was responsible for setting up the Green Form Advice and Assistance phone extensions team and also the Immigration Project Team. After leaving the public sector, Mr. Adeyemi, in partnership with others, set up Agape Consulting, a Legal Practice and Management Consultancy which assists in setting up and advising over 100 Law firms in the United Kingdom.

Christopher Adeyemi is currently the Head of the Corporate and Media Law Department of the International Law and Management Firm. He has advised multinational companies on setting up businesses in the African and European markets. Mr. Adeyemi has most recently advised the Nollywood Industry on how to make international profits. Mr. Adeyemi was a Non-Executive Director of Forte Oil Plc from 2009 -2019 and is a Director of Amperion Power Distribution Company Limited. He is a member of the Nigerian Bar Association, member of the Black Solicitors Network (UK), and member of Immigration Law Practitioners Association (UK).

Paul Miyonmide GBEDEDO – Director

Paul Gbededo is a master corporate strategist, hardworking, honest and an urbane gentleman, Paul Gbededo, a Fellow of the Polymer Institute of Nigeria and an Associate of the Chartered Institute of Arbitrators was the Group Managing Director / Chief Executive Officer of FMN from April 2013 to December 2020. He now serves as the non-executive Vice Chairman on the Board of FMN.

Paul was educated at the Polytechnic of North London (now London Metropolitan University, UK) where he obtained Graduateship of Plastic and Rubber Institute and Associateship of National College of Rubber Technology in 1980 and holds a Master of Science Degree in Polymer Technology (1981) of Loughborough University, UK. An alumnus of Lagos Business School – Advanced Management Programme 3, Paul also attended an Executive Programme at Harvard Business School. 

Paul’s over 35 years career with FMN Group started at Nigerian Bag Manufacturing Company Plc in 1982. There, he acquired extensive experience serving in various managerial positions and rising to General Manager, Production and became the first Nigerian Production Director in 1996. In July 2012, Paul was elevated to the position of Managing Director, Agro-Allied business with responsibility to implement FMN Group’s Backward Integration Policies, Programs and Initiatives. 

Paul has a keen focus on organization results, committed to excellence, agile with passion for organizational growth. His primary focus has been on people, business development and business transformation, incentivizing a culture of ethos and pathos.

His career path has had him serve in various offices and membership associations, some of which include as Member, Board, Northern Nigeria Flour Mills Plc, Member, Board, Sparklight Property Development Company Limited, Member, Council, Manufactures Association of Nigeria, Chairman, Economic Policy Committee, Manufactures Association of Nigeria, Chairman, Adhoc Committee on AfCFTA, Manufactures Association of Nigeria,  Former Chairman, Food and Beverage Sector, Manufactures Association of Nigeria, Former President, Association of Food, Beverage and Tobacco Employers of Nigeria, Member, Trustee of Association of Food, Beverage and Tobacco Employers of Nigeria, Former Member, Nigeria Employers Consultative Association, Fellow, Polymer Institute of Nigeria, Associate, Nigeria Institute of Chartered Arbitrators, and as a former member, Board, Nigeria Economic Summit Group.

Julius B. OWOTUGA, FCA, CFA – Director

Julius Owotuga is currently the Deputy Chief Executive of GPP. Prior to Geregu Power Plc, he was the Group Executive Director, Finance and Risk Management of Forte Oil Plc. He joined Forte Oil Plc from the Africa Finance Corporation (AFC) where he had responsibilities for the Corporation’s Assets and Liabilities Management function and doubled as the Deputy Treasurer. Before this, Mr. Owotuga was a finance manager at Standard Chartered Bank Nigeria Limited (SCBN). He joined SCBN from KPMG Professional Services. At KPMG, he led assurance engagements within the Nigerian financial services industry. He joined KPMG from MBC International Bank (now First Bank of Nigeria Limited).

Mr. Owotuga is a CFA Charter Holder, a KPMG trained fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an alumnus of the Said Business School (University of Oxford) where he obtained a MBA degree in Business Administration and the University of Lagos where he obtained a B.Sc. degree in Accounting. He has also attended senior management and leadership programs at Harvard Business School and other top global business schools.

John Robert LEE – Director

John Lee has worked in the Financial Services Industry for around 40 years with the last 25 years having particular focus in Nigeria including extensive travel to the region. He has primarily worked for global international banks HSBC & Standard Chartered out of London. Recent roles included Corporate & Institutional Banking and International Private Banking with Senior Management positions held. Has therefore gained experience of Corporate Finance, Treasury, Corporate Banking and Private Banking giving him a unique and varied background. Mr. Lee is an Associate of The London Institute of Banking & Finance and a Chartered Fellow of the Chartered Institute for Securities & Investment London.

Anil DUA – Director

Anil Dua is a co-founder and partner of Gateway Partners, where he also serves as a member of its investment committee leading deal origination and execution across Africa. Prior to establishing Gateway Partners, he was the Chief Executive Officer of Standard Chartered Bank (West Africa), a role he occupied between 2010 and 2015.

Mr. Dua is an astute professional who has held several board memberships not limited to Standard Chartered Bank Ghana, Nigeria, Cameroon & Cote D’Ivoire, Forte Oil Plc, Matador Investment Management Limited, Dangote GSP Offshore FZE and Seychelles International Mercantile Banking Corp. Currently, Mr. Dua sits on the board of African Export-Import Bank, Network International Plc and Heirs Holdings Oil & Gas Limited.

Olawunmi Christine OTEDOLA – Director

Ms. Olawunmi Otedola is a renowned professional and founder of The Utopia Group, an NGO targeted at alleviating the lives of the Nigerian children. Prior to establishing The Utopia Group, Ms. Otedola worked with several leading corporates, domestic and international, including Zenon Petroleum and Gas Limited and Scottish Church Heritage Research. Ms Otedola is an alumnus of the University of St. Andrews where she obtained an M.A in psychology in 2009.

Mr Doron GRUPPER – Director

Doron Grupper is a vast professional with experience across and management. He is currently a consultant to Energix Renewable Energies Limited, a renewable energy company with a focus on wind turbine and solar energy. Over the years, Mr. Grupper has served on the Board of several companies not limited to VID Desalination Company Ltd., Mekorot Water Company Ltd., Ellern Energy Infrastructures Ltd., Ellern Gmul Power Stations Ltd., ETG – Water Infrastructures and Management Ltd., Williger Ltd., among others. Mr. Grupper obtained a BSc degree in Economics and Administration as well as a MSc degree Economics and Administration from Hebrew University, Jerusalem in 1976 and 1980 respectively.

Akinleye OLAGBENDE – Company Secretary

Akin Olagbende is currently the General Counsel at GPP. Prior to this role 

he was the General Counsel and Company Secretary at Forte Oil Plc from 2012 to 2019. He is a graduate of the University of Sussex in Brighton and subsequently graduated from the Nigerian law school in 2004. Responsible for the overall legal, compliance and secretarial functions, Mr. Olagbende has over sixteen (16) years of experience in Corporate, Commercial and Company law and practice.

Mr. Olagbende started his career working as a litigation lawyer in the firm of Olatunde Adejuyigbe and Co. and then moved to the United Kingdom where he worked in the compliance functions for Goldman Sachs Asset Managements and PIMCO Europe. Mr. Olagbende is a member of the Nigerian Bar Association as well as the Society for Corporate Governance in addition to many other Societal associations.

Noteworthy must be the mention of a former Director of the board, the LATE Engr. Joseph MAKOJU, OON, OFR

The Late Joseph Makoju was a Chartered Engineer and a Fellow of the Nigerian Society of Engineers (FNSE), Nigerian Institute of Management (FNIM) and the Nigerian Academy of Engineering. He was a member of the British Institute of Mechanical Engineers, Nigerian Institute of Management and of the prestigious National Institute for Policy and Strategic Studies. He held a First-Class bachelor’s degree and an MPhil in Mechanical Engineering from the University of Nottingham, U.K. He was born on 13th July 1948. 

During his tour of duty and service, he was the Special Adviser to the President/Chief Executive, Dangote Group; and prior to joining the board had recently retired as the Group Managing Director/ CEO of the Dangote Cement Plc, a position he held since April 2018. Prior to that, he was the Managing Director/Chief Executive Officer of the erstwhile National Electric Power Authority (NEPA)/Power Holding Company of Nigeria (PHCN), Nigeria’s national electricity utility. He was selected and invited for this job by the government based on his track record in the private sector: for almost a decade, he was the Managing Director/Chief Executive Officer of the West African Portland Cement Company (Lafarge), at that time Nigeria’s largest cement manufacturing company. After his tenure as the Managing Director/Chief Executive of NEPA, Makoju was appointed consecutively as Special Adviser to three (3) presidents of Nigeria between 2007 and 2011. He served as Special Adviser (Electric Power) to President Goodluck Jonathan of Nigeria under two separate administrations. 

He was the Chairman of Cement Manufacturers’ Association of Nigeria (CMAN) -1992–2000, and later 2008 – 2021. He was the Vice-President of Nigeria Employers’ Consultative Association (NECA) (1998–2000). Between May 1994 and May 1999, he was the President of the Chemical and Non-Metallic Employers’ Federation (CANMPEF), the largest employers’ federation in the manufacturing sector. Makoju was a National Council member of the Manufacturers’ Association of Nigeria, member of the National Economic Revival Council, a think-tank for advising government on economic policy and member of the African Regional Board of the London School of Economics. He was also the pioneer Pro-Chancellor of the Federal University of Petroleum, Effurum, Delta State. Engr. Makoju’s accolades extended beyond the shores of Nigeria, as he held the distinguished title of the Grand Commander of the Special Order of Merit of Niger Republic.

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