Geregu Power has announced that its board approved a dividend of N9 per ordinary share, totaling N22.5 billion, for the 2025 financial year.
The disclosure, filed on the NGX and signed by company secretary, The Structure HQ Limited, confirmed that the board also reviewed Geregu Power’s audited financial statements for the year ended 31 December 2025.
The final dividend, together with the financial statements, will be subject to shareholder approval at the upcoming Annual General Meeting, the date of which is yet to be announced.
What the data is saying
The proposed N9 dividend per share represents a steady increase from N8.5 in FY 2024 and N8.0 the previous year, continuing a trend of rising payouts.
With 2.5 billion outstanding shares, the total dividend amounts to N22.5 billion, up from N21.25 billion the previous year.
At Geregu’s current market price of N1,141.5 per share, the dividend yield stands at 0.79%, slightly higher than the 0.75% recorded in 2024.
Although fourth-quarter earnings are yet to be released, the available data points to a strong performance in 2025.
For the nine months ended September 2025, retained earnings rose to N55.1 billion from N51.3 billion, accounting for nearly 98% of total equity.
Pre-tax profit rose 3.31% to N37.46 billion for nine months, while Q3 revenue jumped 37.38% to N43.83 billion, bringing nine-month revenue to N131.47 billion, nearly matching 2024’s full-year total.
- The growth was largely driven by energy sales of N85.5 billion and capacity charges of N45.9 billion from January to September, despite rising operating costs.
- Operating profit rose to N42.2 billion, up from N37 billion in the same period last year.
On the balance sheet, total assets expanded to N273.1 billion, while total liabilities increased 13.53% to N216.7 billion, reflecting both business growth and continued investment in operations.
More insights
In addition to its financial performance, Geregu Power is poised to benefit from ongoing government efforts to resolve outstanding debts in the power sector.
The company and its new majority owner, MA’AM Energy Ltd, are expected to receive a significant portion of a N500 billion payout by the Federal Government.
This is part of a broader N4 trillion Genco debt, which the government is addressing through bond issuances, potentially boosting sector liquidity and strengthening Geregu Power’s financial position.
The dividend announcement also comes in the wake of a major corporate shift. Femi Otedola, the billionaire businessman who previously held a 77% controlling stake in Geregu Power, completed a landmark $750 million divestment.
He sold his 95% stake in Amperion Power Distribution Company Ltd (which controlled Geregu Power) to MA’AM Energy Ltd, marking one of Nigeria’s largest private power sector deals.
MA’AM Energy, now the majority shareholder, is an Abuja-based integrated energy company active in power generation and trading.
What you should know
Geregu Power Plc is one of Nigeria’s leading electricity generation companies.
- The company’s former majority owner, Femi Otedola, exited in a $750 million deal in 2025, selling his stake to MA’AM Energy Ltd.
- MA’AM Energy Ltd now controls Geregu and is expected to benefit from the Federal Government’s bond issuance to pay off power sector debts.
- In a related development, Nairametrics recently reported on the Federal Government’s N500 billion bond plan to clear outstanding debts to Gencos, including Geregu.
