Lagos, Nigeria
Geregu Power Plc has approved a final dividend of ₦9 per ordinary share, translating to a total payout of ₦22.5 billion to shareholders for the 2025 financial year, following strong operational performance and a significant change in its ownership structure.
The dividend approval was disclosed in a filing with the Nigerian Exchange (NGX), signed by the company secretary, The Structure HQ Limited, after the board reviewed Geregu Power’s audited financial statements for the year ended 31 December 2025.
The proposed dividend is subject to shareholder approval at the company’s next Annual General Meeting (AGM), the date of which is yet to be announced.
Geregu Power’s 2025 dividend represents an increase from ₦8.50 per share in 2024 and ₦8.00 in 2023, continuing a consistent upward trend in shareholder returns since the company’s listing on the NGX.
With 2.5 billion outstanding shares, the total dividend payout stands at ₦22.5 billion, compared with ₦21.25 billion distributed to shareholders in the previous year.
At the company’s current market price of ₦1,141.50 per share, the dividend yield is estimated at 0.79 per cent, slightly higher than the 0.75 per cent recorded in 2024, reflecting improved earnings and sustained cash generation.
Although Geregu Power is yet to release its fourth-quarter results, available financial data points to a robust operating performance in 2025.
For the nine months ended September 2025, the company’s retained earnings rose to ₦55.1 billion, up from ₦51.3 billion in the same period of 2024, accounting for nearly 98 per cent of total equity.
Pre-tax profit increased by 3.31 per cent to ₦37.46 billion, while third-quarter revenue surged by 37.38 per cent to ₦43.83 billion. This pushed nine-month revenue to ₦131.47 billion, nearly matching the company’s total revenue for the entire 2024 financial year, highlighting the pace of growth recorded in 2025.
The revenue expansion was driven largely by energy sales of ₦85.5 billion and capacity charges of ₦45.9 billion between January and September, despite rising operating and input costs.
Operating profit also improved to ₦42.2 billion, from ₦37 billion in the corresponding period of the previous year, underscoring efficiency gains and improved generation capacity utilisation.
Geregu Power’s balance sheet also strengthened during the period, with total assets expanding to ₦273.1 billion, while total liabilities rose by 13.53 per cent to ₦216.7 billion. The increase in liabilities reflects ongoing business expansion and continued investment in operational capacity and infrastructure.
The dividend announcement follows the completion of a landmark $750 million divestment by billionaire investor Femi Otedola, who previously controlled Geregu Power through Amperion Power Distribution Company Ltd.
Otedola sold his 95 per cent stake in Amperion, which held a 77 per cent controlling interest in Geregu Power, to MA’AM Energy Ltd, marking one of the largest private-sector transactions in Nigeria’s power sector in recent years.
MA’AM Energy, now the majority shareholder, is an Abuja-based integrated energy company involved in power generation and trading, and is expected to provide renewed capital backing and strategic direction for the power producer.
Geregu Power is also expected to benefit from ongoing Federal Government efforts to resolve long-standing debts in the electricity sector.
The company and its new majority owner are projected to receive a significant portion of a planned ₦500 billion payment to generation companies (Gencos), part of a broader ₦4 trillion power-sector debt being addressed through bond issuances.
Industry analysts say the planned intervention could significantly improve liquidity across the sector, ease cash flow pressures, and strengthen the financial position of power producers, including Geregu Power, in the medium term.
With rising dividends, improving financial metrics, a strengthened balance sheet, and new majority ownership, Geregu Power appears well-positioned to sustain its growth trajectory as Nigeria continues reforms aimed at stabilizing and expanding electricity generation.
The company’s performance in 2025 underscores renewed investor confidence in the power sector, even as broader industry reforms continue to reshape the market.