Since its shares were listed on the Nigerian Exchange (NGX) 56 days ago, Geregu Power Plc, a leading power-generating company that is majority owned by Nigerian billionaire Femi Otedola, has returned a total of $170.1 million in gains to shareholders.

Geregu, a spin-off subsidiary of the now-defunct Power Holding Company of Nigeria that Otedola acquired in 2013, successfully listed its shares on the NGX on Oct. 5, at a price of N100 ($0.231) per share, giving it a market capitalization of N250 billion ($563 million) on the local bourse.

Since Oct. 5, its stock price has increased from N100 ($0.231) to N130.2 ($0.294), returning 30.2 percent to its shareholders, including Otedola, a leading energy magnate who owns a majority 80-percent stake in the power-generating company.

As a result of the surge in the company’s share price, its market capitalization has risen from N250 billion ($563 million) on Oct. 5 to N325.5 billion ($733.44 million) at the time of writing this report, returning N75.5 billion ($170.12 million) in gains to shareholders.

Otedola, who owns 80 percent of Geregu Power, has seen the market value of his stake rise by N60.4 billion ($136.1 million) in the past 56 days, from N200 billion ($450.7 million) on Oct. 5 to N260.4 billion ($586.75 million) at the time of writing this report.

Since Geregu’s shares were listed on the local stock exchange, investment banks, hedge funds, and private investors have been vying for ownership of the power company, which has caused its share price to rise.

The rise in the company’s stock corresponds to an earlier prediction by Vetiva Research that the stock could reach N131 ($0.303) per share.

Vetiva also emphasized Geregu’s recent financial performance, noting that the power company has consistently improved power output over the previous five years, indicating increased efficiency and better utilization of its power plant.