Geregu Power Plc (NGX : GEREGU) has declared a cash dividend of NGN9 ($0.0063) per share for the 2025 financial year, amounting to NGN22.5bn ($15.8mn), following improved earnings performance and a change in its ownership structure.
In a regulatory filing to the Nigerian Exchange Group (NGX), Geregu said its board of directors approved the dividend, which remains subject to shareholder approval at the forthcoming annual general meeting.
The payout represents an extension of a three-year pattern of rising dividends. With 2.5bn shares outstanding, the total dividend exceeds the NGN21.25bn ($15mn) paid in the previous year. Based on Geregu Power’s closing share price of NGN1,141.5, the implied dividend yield is 0.79%.
The higher payout follows a solid financial performance during the year. For the first nine months of 2025, pre-tax profit rose 3.3% year on year to NGN37.46bn ($26.4mn), while revenue increased 37.4% to NGN131.47bn ($92.5mn), approaching the company’s full-year revenue for 2024. Energy sales contributed NGN85.5bn ($60.2mn), while capacity charges accounted for NGN45.9bn ($32.3mn).
Operating profit rose to NGN42.2bn ($29.7mn) during the period. Retained earnings increased to NGN55.1bn ($38.8mn), representing about 98% of total equity. Total assets expanded to NGN273.1bn ($192.3mn), while total liabilities rose 13.5% to NGN216.7bn ($152.5mn), reflecting continued investment and operational activity.
The dividend declaration follows the completion of a major ownership transaction in 2025. Billionaire investor Femi Otedola exited Geregu Power through a $750mn divestment, selling his 95% stake in Amperion Power Distribution, which held a 77% interest in Geregu Power, to MA’AM Energy Ltd. The Abuja-based company has since become the controlling shareholder and has interests across power generation and electricity trading.
Geregu Power is also expected to benefit from the federal government’s NGN500bn ($352mn) bond issuance aimed at settling legacy debts owed to electricity generation companies, estimated at NGN4 trillion ($2.8bn).
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