Femi Otedola, Nigerian Billionaire, Set to Earn $17.6 Million from Geregu Power in March

Nigerian billionaire Femi Otedola is on the brink of receiving a whopping $17.6 million dividend from Geregu Power Plc, a testament to the company’s outstanding financial performance and his astute investment in the energy sector. 

This forthcoming dividend, attributable to Otedola’s substantial 78.64 percent ownership in Geregu Power, underscores his influence and success in Nigeria’s bustling economic landscape.

The financial triumph of Geregu Power and its impact on Femi Otedola

Geregu Power’s financial achievements have been nothing short of remarkable. The company’s annual report for 2023 reveals a significant revenue increase of 74.1 percent, soaring from N47.62 billion ($53.3 million) in the previous year to an impressive N82.91 billion ($92.8 million). 

This surge is primarily due to the enhanced energy sales and capacity charges, which stood at N51.8 billion ($58 million) and N31.1 billion ($34.81 million), respectively.

The driving forces behind this financial prosperity are Geregu Power’s strategic and cost-effective operations, which led to a 110-percent leap in operating profit, climbing from N14.82 billion ($16.6 million) in 2022 to N31.14 billion ($34.85 million) in 2023. The outcome? A significant boost in earnings per share and, consequently, a generous dividend recommendation of N8 ($0.174) per share for its stakeholders, including Otedola.

Otedola’s financial empire beyond Geregu Power

Femi Otedola’s financial acumen extends well beyond Geregu Power. His investments span across significant entities like First Bank of Nigeria Holdings Plc (FBN Holdings) and Dangote Cement Plc, positioning him for additional dividend earnings. 

In January 2024, Otedola’s influence in Nigeria’s financial sector was further solidified with his appointment as the chairman of FBN Holdings, following his role as a non-executive director.

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