Geregu Power Shareholders Reap N20bn Dividend

Shareholders of Geregu Power Plc is expected to reap cumulative dividend payment of N20billion at N8:00 per share as returns on their investment in the company for the year ended December 31, 2022.

Hence, the company said, it remains committed to expand its operation capacity towards maximising shareholders’ wealth.

The chairman, Board of Directors, Femi Otedola, stated this during the Closing Gong ceremony and commemoration of its first annual general meeting (AGM) as a listed company which held yesterday in Lagos.

Whilst expressing delight at the company’s first year anniversary as a listed company, Otedola stated that, for companies to sustain wealth, there is every need to list on the stock exchange.

He noted that, even though, the power sector has its challenges, the incoming government can set its priority on tackling the challenges in the sector.

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“We are in a stage where the new government can come and tackle the challenges in the power sector and hopefully there will be positive results. What is needed is to sought out investors who have knowledge of the private sector to work on these challenges.

“We had come to the exchange to list as the first power company, also the first power company to embark on an aggressive 300 per cent expansion drive and the first company to release its financial result on the NGX,” he added. 

The chief executive officer of the company, Akin Akinfemiwa, said:  “we have come today to state our unflinching commitment towards upholding the values of the Exchange. 

rything within our means to expand our capacity towards maximising shareholders’ wealth.”

Similarly, the chief executive officer, Nigerian Exchange Limited (NGX), Temi Popoola, described Otedola as a firm believer in the capital market, saying, the exchange is aware of Geregu’s strategic ambitions and it is always ready to help companies raise capital.

According to Popoola, “we are aware of your strategic ambitions and we assure you that the NGX can help you to raise capital.” 

The Group’s chairman of NGX, Alhaji Umaru Kwairanga, urged more power companies and others to come onboard so that they can also benefit from the capital market.

For the year ended December 31, 2022, Geregu Power declared N8.00 per share dividend to shareholders, amounting to N20 billion.

Also, the company declared N47.62 billion revenue in 2022 and profit after tax stood at N10.17 billion in 2022 financial year.