Business Hilights
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Plans for Sahara Power Group to hit Stock Exchange underway—Shonubi

Leading Nigeria’s power sector investor, Sahara Group has given indications on its arrangements to approach the Nigerian Stock Exchange (NSE) for listing as soon as possible.

Executive Director and co-founder, Tope Shonubi, who addressed international media executives at the just concluded OPEC International Seminar, in Vienna, Austria, said “Sahara group has invested about $3 billion in Nigeria over the years and is planning to expand its investments in the country via Stock Exchange”.

He said going public is part of the expansion strategy of the company, stressing that “If you come as a solution provider rather than a follower in the industry, you will easily make impact and expand quickly”.

Shonubi averred that the OPEC seminar was very timely due to the challenges the oil and gas industry was facing, especially with the coming up of some disruptive technologies such as electric car and the emergence of shale oil and gas.

Business Hilights recalls that Sahara Group acquired majority shareholding stakes in two of the Power Holding Company of Nigeria (PHCN) assets under the privatization initiative of the Federal Government, namely Egbin Power Plc and Ikeja Electric Plc.

Currently, the Group also owns some oil blocks and farm tanks in the downstream oil sector even as it now operates in 29 countries.