BY Bunmi Aduloju
Geregu Power Plc and Transcorp Hotels have joined the trillionaire club in the stock market after their valuation crossed N1 trillion.
On Monday, the market capitalisation of Geregu jumped to N1.07 trillion on the back of the company’s share appreciating by 7.52 percent to N429 during trading.
Geregu’s share price rose from N399 reported on Friday — at the time its market valuation stood at N997.5 billion.
The development comes four days after Femi Otedola, Geregu’s majority shareholder, rejoined the billionaire list, occupying the fourth spot behind AbdulSamad Rabiu, Mike Adenuga and Aliko Dangote.
Also, Transcorp Hotels, largely owned by investment banker, Tony Elumelu, reached a market value of N1.02 trillion on January 10, 2024.
On Monday, Transcorp Hotels’ share price traded flat at N100 — same value since becoming a trillion naira stock company.
Geregu and Transcorp Hotels are the latest companies to join the trillionaire club after Access Holdings surpassed the N1 trillion market capitalisation on January 9, 2024.
On January 8, 2023, the market capitalisation of United Bank for Africa (UBA) crossed the N1 trillion mark.
Meanwhile, FBN Holdings exited the list on Monday after the company’s valuation fell to N987.12 billion following a 27.5 percent drop in its share price.
On January 9, Access Holdings surpassed the N1 trillion market capitalisation mark.
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