Geregu Power Plc, a renowned power firm led by Nigerian billionaire Femi Otedola, announced a significant increase in profit for the nine-month period ending September 30, 2024. In 2023, the company’s earnings was N11.36 billion ($7.2 million), but by 2024 it had more than quadrupled to N24.19 billion ($15.1 million), solidifying its dominance in Nigeria’s power sector.
The strong expansion was fueled by a 102-percent increase in sales, which rose from N55.75 billion ($34.5 million) in 9M 2023 to N112.58 billion ($70.2 million) in 9M 2024. This gain was primarily driven by an increase in both energy sales and capacity charges.
Total energy sales increased to N71.4 billion ($44.5 million) from N34.8 billion ($21.5 million) a year before, while capacity charges increased to N41.2 billion ($25.7 million) from N20.9 billion ($12.9 million) the previous year.
Geregu Power, noted for its transparency on the Nigerian Exchange, has once again been the first to reveal its financials for the most recent reporting period, demonstrating its dedication to governance standards.
Geregu was founded in 2006 and began delivering electricity to the national grid the following year. In 2013, a consortium led by Femi Otedola’s Amperion Power purchased the company, investing $94 million in a plant upgrade that raised capacity to 435MW. Otedola acquired full ownership in 2021.
As of September 30, Otedola owned 78.05 percent of Geregu, which was valued at $1.4 billion. Otedola’s leadership, via strategic investments and operational management, has transformed Geregu into one of Africa’s fastest-growing power firms.
Geregu Power’s 9-month 2024 performance also saw its total assets increase from N182.04 billion ($112.4 million) as of December 31, 2023 to N221.09 billion ($136.4 million) by September 30, 2024.
Retained earnings increased to N48.1 billion ($30.1 million) from N43.92 billion ($27.1 million), while total equity increased to N49.34 billion ($31.2 million) from N45.15 billion ($28.1 million).
Geregu Power’s good financial results and leadership under Femi Otedola have helped it secure its place in Nigeria’s power sector. Ongoing investments in infrastructure and capacity are projected to strengthen the company’s position in the nation’s energy landscape.
