Geregu Power Plc has announced that its board has approved a final dividend of N9 per ordinary share, representing a total payout of N22.5 billion for the 2025 financial year. The company’s disclosure, filed with the Nigerian Exchange (NGX) and signed by company secretary The Structure HQ Limited, also confirmed that the board reviewed the company’s audited financial statements for the year ended 31 December 2025.
The proposed dividend and audited results will be presented for approval at the company’s upcoming Annual General Meeting (AGM), with the date yet to be announced.
Dividend Growth Trend Continues
The N9 per share dividend marks a steady increase from N8.5 in FY 2024 and N8.0 in FY 2023, underscoring a consistent upward trajectory in shareholder returns. With 2.5 billion outstanding shares, the total dividend payout rises to N22.5 billion, up from N21.25 billion the previous year.
At the company’s current market price of N1,141.5 per share, the dividend yield is 0.79%, slightly higher than 0.75% in 2024, reflecting modest but steady value creation for investors.
Strong Performance Signals Ahead of Full-Year Results
While fourth-quarter results are still pending release, the company’s nine-month figures indicate strong momentum for 2025:
- Retained earnings increased to N55.1 billion, up from N51.3 billion, accounting for nearly 98% of total equity.
- Pre-tax profit rose 3.31% to N37.46 billion for the nine-month period.
- Q3 revenue surged 37.38% to N43.83 billion, bringing nine-month revenue to N131.47 billion, nearly matching the full-year total for 2024.
- Growth was driven by energy sales of N85.5 billion and capacity charges of N45.9 billion from January to September.
- Operating profit climbed to N42.2 billion, compared with N37 billion in the same period last year.
On the balance sheet, total assets expanded to N273.1 billion, while total liabilities rose 13.53% to N216.7 billion, reflecting both growth and continued investment in operations.
Policy Support and Debt Resolution Could Strengthen Outlook
Geregu Power is also expected to benefit from ongoing government efforts to clear longstanding debts within the power sector. The Federal Government has announced plans to pay a portion of N500 billion owed to generation companies, a move tied to a broader N4 trillion Genco debt restructuring through bond issuance.
Geregu Power and its new majority owner, MA’AM Energy Ltd, are expected to receive a share of this payout, which could improve liquidity across the sector and strengthen the company’s financial position.
Corporate Shake-Up: New Majority Ownership
The dividend announcement comes amid a major corporate transition. Billionaire businessman Femi Otedola, who previously held a controlling stake in Geregu Power, completed a $750 million divestment in 2025. He sold his 95% stake in Amperion Power Distribution Company Ltd, the parent company controlling Geregu Power, to MA’AM Energy Ltd.
The deal marked one of the largest private transactions in Nigeria’s power sector, positioning MA’AM Energy—an integrated energy company active in generation and trading—as the new majority shareholder.
Outlook
Geregu Power remains one of Nigeria’s leading electricity generation firms, and its sustained dividend growth, solid nine-month financial performance, and potential benefit from government debt resolution initiatives could reinforce its position as a strong performer in the sector.