The
Executive Chairman of the Board of Directors of Geregu Power Plc, Mr Femi
Otedola, expressed his disappointment with the state of Nigeria’s power sector
despite the huge amount of money invested
by successive governments. Speaking
at the “Closing Gong ceremony” and commemoration of the first Annual
General Meeting of the company at the Nigerian Exchange Limited (NGX) in Lagos,
Otedola identified transmission as the major problem in the sector. He believes
that the challenges are surmountable with proper leadership and willpower.
Otedola also noted that if the power sector is well-organized, it would be
cheaper and have a positive impact on the country’s manufacturing sector and
the economy as a whole.
Otedola
commended Aliko Dangote, who built 2000 megawatts of power for his plants,
while Nigeria generates only 5000 megawatts. He stressed the need for the
government to prioritize the power sector and engage investors to tackle the
challenges. Otedola also highlighted Geregu’s efforts to expand its capacity to
improve performance and maximize shareholders’ wealth.
Doron
Grupper, a director of the power holding company, expressed his satisfaction
with Geregu’s achievements and identified the challenges facing the company,
including gas issues, low gas prices, and pipeline pressure. He called on the
government to assist Geregu in increasing its capacity to contribute to
Nigeria’s power sector and improve access to electricity.
