{"id":38456,"date":"2023-02-03T11:33:33","date_gmt":"2023-02-03T11:33:33","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/afreximbanks-feda-secures-approval-for-geregu-acquisition"},"modified":"2023-02-03T11:33:33","modified_gmt":"2023-02-03T11:33:33","slug":"afreximbanks-feda-secures-approval-for-geregu-acquisition","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/afreximbanks-feda-secures-approval-for-geregu-acquisition","title":{"rendered":"Afreximbank\u2019s FEDA Secures Approval for Geregu Acquisition"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span>The African Export-Import Bank\u2019s (Afreximbank) investment platform, the Fund for Export Development in Africa (FEDA), has secured the necessary internal approvals that allow the platform to acquire a minority stake in Nigerian-based power generation company, Geregu Power, as part of efforts to enhance energy security and industrialization in Africa.<\/p>\n<p>The approval and associated acquisition align with Afreximbank\u2019s strategic mandate to expand the renewable and transition fuel sectors in Africa.<\/p>\n<p>Mr Femi Otedola CON, Chairman of the Board of Directors at Geregu Power, stated that the participation of Afreximbank in the operations of the Nigerian Exchange Limited-listed company will not only expand the company\u2019s operations but will enhance and secure the \u201cfuture of the Nigerian Electricity Supply Industry (NESI),\u201d adding that, \u201cIn a period of contracting economic activity globally, to attract this investment from FEDA is testament to our long-term strategic plans and will accelerate our expansion to the wider West African Market.\u201d<\/p>\n<p>Geregu Power has a total electricity generation capacity of 450 MW. With the acquisition, FEDA will serve to support the organization as a minority investor, working closely with Geregu\u2019s management team to expand the business in accordance with Nigeria\u2019s wider power sector development plans.<\/p>\n<p>According to Prof. Benedict Oramah, President and Chairman of Afreximbank and Chairman of FEDA Platform Entities, the proposed investment \u201cmarks a critical step towards supporting Nigeria\u2019s power sector, and more broadly, towards advancing Africa\u2019s industrialization and energy security. Without adequate power, Africa cannot achieve global export competitiveness.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. The African Export-Import Bank\u2019s (Afreximbank) investment platform, the Fund for Export Development in Africa (FEDA), has secured the necessary internal approvals that allow the platform to acquire a minority stake in Nigerian-based power generation company, Geregu Power, as part of efforts to enhance energy security and industrialization in Africa. The approval and [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":38455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-38456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Afreximbank\u2019s FEDA Secures Approval for Geregu Acquisition - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/afreximbanks-feda-secures-approval-for-geregu-acquisition\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank\u2019s FEDA Secures Approval for Geregu Acquisition\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Namibia. The African Export-Import Bank\u2019s (Afreximbank) investment platform, the Fund for Export Development in Africa (FEDA), has secured the necessary internal approvals that allow the platform to acquire a minority stake in Nigerian-based power generation company, Geregu Power, as part of efforts to enhance energy security and industrialization in Africa. 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