Table of Contents
Key Points
- Geregu Power wins “Most Compliant Listed Company of the Year 2024” at NGX MOA Awards, cementing its leadership in corporate governance.
- The company’s revenue for the first nine months of 2024 surged 102%, driven by higher energy sales and capacity charges.
- Geregu Power’s assets grew 21% in 2024, reflecting strong financial performance and its position as a leader in Nigeria’s energy sector.
Geregu Power Plc, under the leadership of Nigerian billionaire Femi Otedola, has capped an exceptional year by winning the prestigious “Most Compliant Listed Company of the Year 2024” award at the NGX Made of Africa (MOA) Awards. This recognition solidifies Geregu’s position as a trailblazer in corporate governance and transparency on the Nigerian Exchange.
The MOA Awards, held annually, celebrate companies that make significant contributions to both Nigeria’s and Africa’s capital markets. The “Most Compliant Listed Company” category specifically honors the firm that consistently adheres to the exchange's strict regulations without incurring penalties, a remarkable achievement in the business world.
During the awards ceremony, renowned TV presenter and media entrepreneur Boason Omofaye proudly announced Geregu Power as the winner. “Compliance is the foundation of corporate governance, and Geregu Power has shown an exemplary commitment to it,” Omofaye remarked. He drew a parallel to a sports team that never incurs penalties, emphasizing the rarity and significance of Geregu’s flawless record on the exchange.
Geregu Power: A legacy of growth
Founded in 2006, Geregu Power began supplying electricity to Nigeria’s national grid just a year later. The company, originally acquired in 2013 by a consortium led by Amperion Power Distribution Company, experienced a significant transformation under Otedola’s leadership.
This overhaul, which included a $94 million investment in 2014, boosted Geregu’s generation capacity from 414 megawatts (MW) to 435MW. In 2021, Otedola’s firm took full ownership of Geregu, culminating in the company’s historic listing on the Nigerian Exchange in October 2022 as the first electricity generation company to achieve such a feat.
Profit more than doubles at Geregu Power
Geregu Power’s strong financial performance highlights its operational success. As of Sept. 30, Otedola’s 78.05 percent stake in the company was valued at $1.4 billion. Revenue for the first nine months of 2024 surged 102 percent, rising from N55.75 billion ($34.5 million) in 2023 to N112.58 billion ($70.2 million).
Profit after tax more than doubled, reaching N24.19 billion ($15.1 million) from N11.36 billion ($7.2 million) in 2023. This growth was driven by higher energy sales and capacity charges, with energy sales rising to N71.4 billion ($44.5 million) from N34.8 billion ($21.5 million), and capacity charges climbing to N41.2 billion ($25.7 million) from N20.9 billion ($12.9 million).
The company’s balance sheet showed strong growth, with total assets increasing to N221.09 billion ($136.4 million) by Sept. 30, up from N182.04 billion ($112.4 million) at the end of 2023. Retained earnings rose to N48.1 billion ($30.1 million) from N43.92 billion ($27.1 million), and total equity grew to N49.34 billion ($31.2 million) from N45.15 billion ($28.1 million).
Geregu Power sets governance standards
Renowned for its commitment to transparency, Geregu Power continues to set the standard in corporate governance. The company was the first to release its latest financial statements, reinforcing its leadership in both compliance and operational integrity.
With Femi Otedola at the helm, Geregu Power is poised for sustained growth. Strategic investments in infrastructure and operational capacity are expected to strengthen its role as a critical player in Nigeria’s energy sector.
Winning the “Most Compliant Listed Company of the Year” is a testament to the company’s commitment to excellence, marking another significant milestone in its journey as a leader in Africa’s power landscape.
