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Nigerian billionaire Femi Otedola’s Geregu Power sees $57 million in 2025 half-year revenue

Geregu Power, led by Femi Otedola, posts steady $57.4 million revenue in H1 2025, showing strength in a tough energy market.

Nigerian billionaire Femi Otedola’s Geregu Power sees $57 million in 2025 half-year revenue
Femi Otedola, Nigerian billionaire and chairman of Geregu Power

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Key Points

  • Revenue edges up to $57.4 million, driven by consistent income from energy sales and capacity charges, despite a tough operating environment.
  • Profit holds steady at $13.22 million, with earnings per share nearly flat year-over-year, signaling financial resilience.
  • Total assets grow to $175.3 million, while retained earnings dip slightly due to a $14.4 million dividend payout.

Geregu Power Plc, one of Africa's key electricity producers, led by Nigerian billionaire Femi Otedola, reported a solid financial showing for the first half of 2025. The company posted revenue of more than $57 million for the six months ended June 30, a slight but steady rise from the same period last year.

Revenue rises, profit holds steady

According to the group's latest financial statements, revenue rose from N80.67 billion ($52.84 million) in the same period last year to N87.63 billion ($57.4 million) this year. The increase was driven by stable earnings from both energy sold and capacity charges, helping the company maintain its financial footing in a challenging power sector.

While revenue climbed, profits remained largely unchanged. Geregu reported earnings of N20.18 billion ($13.22 million) for the period, compared to N20.11 billion ($13.18 million) a year earlier. Energy sales brought in N56.76 billion ($37.2 million), while capacity charges added N30.86 billion ($20.2 million). Earnings per share were nearly flat at N8.07 ($0.005286), just slightly above the N8.01 ($0.005247) reported in the same period last year.

Femi Otedola powers Nigeria’s grid

Founded in 2006, Geregu Power began feeding electricity into Nigeria’s national grid in 2007. The 435-megawatt plant has since become a key part of the country’s power infrastructure. In 2013, Otedola’s Amperion Power Distribution Company, alongside Calvados Global Services Limited and China’s State Grid Shanghai Municipal Electric Power Company, acquired the plant as part of Nigeria’s power sector reforms.

Following the acquisition, the company underwent a $94 million upgrade in 2014 to bring the plant to full operational capacity. By 2021, Otedola had taken full control of Geregu Power and, in October 2022, took the company public, making it the first power generation firm to list on the Nigerian Exchange. As of June 30, 2025, Otedola retained a 78.05 percent majority stake through Amperion.

Assets climb, retained earnings dip slightly

The company’s steady financial performance also lifted its balance sheet. Total assets rose from N243.47 billion ($159.5 million) at the end of 2024 to N267.6 billion ($175.3 million) by June 30, 2025. Retained earnings, however, dipped slightly to N50.27 billion ($32.93 million) from N51.34 billion ($33.63 million), following the payment of a N21.25 billion ($14.4 million) dividend earlier in the year.

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