By Musa Ibrahim
Geregu Power Plc has announced a final dividend of N9 per ordinary share for the 2025 financial year, bringing total dividend payments to N22.5 billion.
In a disclosure filed with the Nigerian Exchange, the company confirmed that its board had approved both the dividend and the audited financial statements for the year ended 31 December 2025. The notice, signed by company secretary, The Structure HQ Limited, stated that the dividend and accounts remain subject to shareholder approval at the next Annual General Meeting, with the date yet to be announced.
What the numbers show
The proposed N9 dividend continues Geregu Power’s upward payout trend. It compares with N8.5 per share in 2024 and N8.0 the year before. With 2.5 billion shares outstanding, the total cash distribution of N22.5 billion represents an increase from N21.25 billion paid in the prior year.
At the company’s current share price of N1,141.5, the implied dividend yield stands at about 0.79 percent, slightly above the 0.75 percent recorded in 2024.
Although fourth quarter results are still awaited, the available nine-month figures point to a robust operating year. Retained earnings rose to N55.1 billion as of September 2025, up from N51.3 billion and accounting for almost all of total equity.
Pre-tax profit for the nine months increased by 3.31 percent to N37.46 billion, while third-quarter revenue surged 37.38 percent to N43.83 billion. Cumulative revenue for the nine-month period reached N131.47 billion, already close to the company’s full-year revenue in 2024.
Growth was largely driven by energy sales of N85.5 billion and capacity charges of N45.9 billion between January and September, even as operating costs climbed. Operating profit rose to N42.2 billion from N37 billion in the comparable period of the previous year.
On the balance sheet, total assets expanded to N273.1 billion, while total liabilities increased by 13.53 percent to N216.7 billion, reflecting ongoing investment and scale-up of operations.
Sector support and ownership changes
Beyond earnings, Geregu Power stands to benefit from renewed government action to resolve long-standing payment arrears in the electricity sector. The company and its new majority owner, MA’AM Energy Ltd, are expected to receive a share of a planned N500 billion Federal Government payout to generation companies.
This payment forms part of a wider effort to address an estimated N4 trillion debt owed to Gencos, largely through bond issuances. Improved liquidity from this initiative could strengthen Geregu Power’s cash flows and balance sheet over the medium term.
The dividend announcement also follows a major ownership transition. In 2025, billionaire investor Femi Otedola completed a landmark $750 million divestment, selling his interests in Amperion Power Distribution Company Limited, which held a controlling stake in Geregu Power, to MA’AM Energy Ltd. The transaction ranks among the largest private power sector deals in Nigeria.
What investors should note
Geregu Power remains one of Nigeria’s leading electricity generation companies, combining steady dividend growth with resilient operating performance. The change in ownership, alongside anticipated government bond-backed payments to the sector, could reshape its financial outlook in the years ahead, especially if sector liquidity improves as planned.
