Table of Contents
Key Points
- Geregu Power reports N41.27 billion ($26.8 million) profit in 2024, up from N24.4 billion ($15.83 million) in 2023, marking significant growth.
- The company’s revenue surged by 65.4%, reaching N137.12 billion ($89 million), driven by increased energy sales and higher capacity charges.
- Geregu’s assets grew to N243.47 billion ($157.5 million) in 2024, reflecting strong financial performance and solidifying its position in Africa’s power sector.
Geregu Power Plc, a leading power company led by Nigerian billionaire Femi Otedola, continued to impress with a strong financial performance in 2024, reporting a profit of over $26 million, further solidifying its reputation as one of Africa’s leading electricity generators. This robust result follows a history of consistent financial success, positioning the company at the forefront of Nigeria’s power sector.
Geregu sees strong profit and revenue growth
In its latest annual report, Geregu's profit climbed to N41.27 billion ($26.8 million) by the close of its 2024 fiscal year, up from N24.4 billion ($15.83 million) in 2023. This result reflects the company’s commitment to corporate governance and transparency, a dedication recognized with the “Most Compliant Listed Company of the Year 2024” award at the NGX Made of Africa (MOA) Awards. The recognition highlights Geregu's position as a leader not only in the power sector but also in the corporate landscape.
The company’s impressive profit growth is driven by a 65.4 percent increase in revenue, which rose from N82.9 billion ($53.8 million) in 2023 to N137.12 billion ($89 million) in 2024. Energy sales also saw significant growth, with total energy sold reaching N87.46 billion ($56.7 million), up from N51.8 billion ($33.6 million) the previous year. Additionally, capacity charges rose to N49.66 billion ($32.2 million), an increase from N31.1 billion ($20.2 million) in 2023.
Geregu Power: Otedola’s energy success
Founded in 2006, Geregu Power began supplying electricity to Nigeria’s national grid in 2007, with its 435-megawatt plant contributing to the country’s energy needs. In 2013, Femi Otedola’s Amperion Power Distribution Company, in partnership with Calvados Global Services Limited and China’s State Grid Shanghai Municipal Electric Power Company, acquired Geregu Power.
Under Otedola's leadership, the company underwent a $94 million upgrade in 2014, boosting its capacity to 435MW and ensuring full utilization. By 2021, Otedola secured full ownership of the company, paving the way for its public listing in October 2022. This move made Geregu Power the first electricity generation company to be listed on the NGX, a milestone for both the company and Nigeria's power sector. As of Dec. 31, 2024, Otedola retained a majority 78.05 percent stake in Geregu Power through his company, Amperion Power Distribution.
Assets rise to $157 million, retained earnings exceed $33 million
Thanks to its strong financial results, Geregu’s total assets grew from N182.04 billion ($118.2 million) in 2023 to N243.47 billion ($157.5 million) in 2024. Retained earnings also saw a boost, rising from N43.92 billion ($28.4 million) to N51.34 billion ($33.2 million), underscoring Geregu’s position as one of Africa’s most successful power generation companies.
