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Key Points
- The power company will pay a $14.4 million final dividend for 2024, raising payouts to N8.5 per share from N8 in 2023.
- Geregu Power posted a $26 million profit in 2024, driven by a 65.4% revenue jump to $89 million, reinforcing its market strength.
- With a 78.05% stake, Femi Otedola will pocket $11.23 million from the company’s $14.4 million dividend payout.
Geregu Power Plc, the Nigerian power company led by billionaire Femi Otedola, is set to reward its shareholders with a final dividend of $14.4 million for the 2024 financial year. This move underscores the company’s commitment to delivering value to its investors.
The final dividend for the year ended Dec. 31, 2024, amounts to N21.25 billion ($14.4 million), translating to a payout of N8.5 per share. This marks an increase from the N8 per share paid out in 2023, reflecting the company's strong financial performance.
Geregu Power posts $26 million profit in 2024
Under Otedola’s leadership, Geregu Power recorded a profit of over $26 million in 2024, reinforcing its position as one of Africa’s top electricity generators. The profit growth was driven by a 65.4 percent surge in revenue, which climbed from N82.9 billion ($53.8 million) in 2023 to N137.12 billion ($89 million) in 2024.
Energy sales also saw a sharp rise, 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 increased to N49.66 billion ($32.2 million), compared to N31.1 billion ($20.2 million) in 2023.
Otedola’s Geregu Power flourishes, rewards investors
Geregu Power’s transformation began in 2013 when Otedola’s Amperion Power Distribution Company partnered with Calvados Global Services Limited and China’s State Grid Shanghai Municipal Electric Power Company to acquire the firm. A year later, the company underwent a $94 million upgrade, boosting its capacity to 435MW.
By 2021, Otedola had taken full ownership, leading to Geregu Power’s public listing on the NGX in October 2022, making it Nigeria’s first electricity generation company to go public. The company has since expanded significantly, with total assets growing from N182.04 billion ($123.4 million) in 2023 to N243.47 billion ($165.08 million) in 2024.
Retained earnings also climbed from N43.92 billion ($29.7 million) to N51.34 billion ($34.8 million), underscoring its financial strength. With shareholders set to receive N21.25 billion ($14.4 million) in dividends, Otedola—who holds a 78.05 percent stake through Amperion Power Distribution—stands to earn N16.58 billion ($11.23 million) from the payout.
