Geregu Power Plc, a leading electricity generation company owned by Nigerian billionaire Femi Otedola, has reported a profit of N41.27 billion ($26.8 million) for 2024, marking a significant increase from N24.4 billion ($15.83 million) in 2023. This remarkable growth cements Geregu’s reputation as one of Africa’s top-performing power companies and a key player in Nigeria’s energy sector.
The impressive financial performance was fueled by a 65.4% surge in revenue, rising from N82.9 billion ($53.8 million) in 2023 to N137.12 billion ($89 million) in 2024. The revenue boost was driven by strong energy sales, with total power sold increasing to N87.46 billion ($56.7 million) from N51.8 billion ($33.6 million) in 2023. Additionally, capacity charges surged to N49.66 billion ($32.2 million) from N31.1 billion ($20.2 million) the previous year.
A Powerhouse in Nigeria’s Electricity Sector
Founded in 2006, Geregu Power began operations in 2007, supplying electricity to Nigeria’s national grid. The company was privatized in 2013, when Otedola’s Amperion Power Distribution Company—alongside Calvados Global Services Limited and China’s State Grid Shanghai Municipal Electric Power Company—acquired Geregu Power.
Following the acquisition, Otedola invested $94 million in an upgrade in 2014, boosting the plant’s capacity to 435 megawatts (MW). By 2021, Otedola had gained full ownership of Geregu Power, making it the first electricity generation company listed on the Nigerian Exchange (NGX) in October 2022. As of December 31, 2024, Otedola retains a 78.05% majority stake in Geregu Power through Amperion Power Distribution Company.
Awards and Market Recognition
In recognition of its commitment to corporate governance and transparency, Geregu Power was honored with the “Most Compliant Listed Company of the Year 2024” award at the NGX Made of Africa (MOA) Awards. The award highlights Geregu’s leadership in both the power and corporate sectors, setting a standard for other listed firms.
Strong Asset Growth and Financial Stability
As a result of its robust financial performance, Geregu Power’s total assets increased from N182.04 billion ($118.2 million) in 2023 to N243.47 billion ($157.5 million) in 2024. Meanwhile, retained earnings grew from N43.92 billion ($28.4 million) to N51.34 billion ($33.2 million), reinforcing Geregu’s strong financial position.
With continuous expansion, strong revenue growth, and Otedola’s strategic leadership, Geregu Power remains one of Africa’s most successful power generation companies, playing a vital role in Nigeria’s energy security and economic development.
