Billionaire businessman Femi Otedola’s Geregu Power Plc has announced a final dividend payout of N21.25 billion ($14.4 million) for the 2024 financial year, rewarding its shareholders for a strong performance. This translates to N8.5 per share, an increase from N8 per share paid in 2023, reflecting the company’s rising profitability.
The dividend announcement follows Geregu Power’s impressive financial results, with profits reaching N41.27 billion ($26.8 million) in 2024, driven by a 65.4% jump in revenue to N137.12 billion ($89 million) from N82.9 billion ($53.8 million) in 2023.
Strong Financial Growth
•Revenue: N137.12 billion ($89 million), up 65.4% YoY
•Energy Sales: N87.46 billion ($56.7 million), up from N51.8 billion ($33.6 million) in 2023
•Capacity Charges: N49.66 billion ($32.2 million), up from N31.1 billion ($20.2 million)
•Total Assets: N243.47 billion ($165.08 million), up from N182.04 billion ($123.4 million) in 2023
•Retained Earnings: N51.34 billion ($34.8 million), up from N43.92 billion ($29.7 million) in 2023
With a 78.05% ownership stake in Geregu Power through Amperion Power Distribution, Otedola is set to earn N16.58 billion ($11.23 million) from the dividend payout.
Otedola’s Expansion of Geregu Power
Geregu Power’s rise began 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 the electricity generation firm. In 2014, Otedola invested $94 million to upgrade the plant’s capacity to 435MW.
By 2021, Otedola took full ownership of Geregu Power, and in October 2022, he listed the company on the Nigerian Exchange (NGX)—making it Nigeria’s first publicly traded electricity generation company.
With this latest dividend payout and continued expansion, Geregu Power remains a major player in Nigeria’s energy sector, delivering value to both investors and the national grid.
