Table of Contents
Geregu Power Plc, a leading Nigerian electricity generator now led by former governor Abdulaziz Yari, continued its record of steady financial results, posting a pre-tax profit of N41.98 billion ($29.53 million) for the 2025 fiscal year. Revenue surged past N184 billion ($130.17 million), reinforcing the company’s role as one of the country’s main power suppliers.
Revenue growth offsets higher expenses
The company’s latest annual report shows that revenue from energy sales rose from N87.46 billion ($61.53 million) in 2024 to N120.81 billion ($84.99 million) in 2025. Capacity charges also grew, climbing from N49.7 billion ($35 million) to N64.1 billion ($45.1 million).
These gains helped offset higher administrative expenses of N17.8 billion ($12.52 million) and an income tax expense of N14.7 billion ($10.34 million), thus leaving profit after tax slightly lower at N27.25 billion ($19.17 million), compared with N27.42 billion ($19.28 million) in 2024.
Earnings per share stood at N10.9 ($0.00766), and the board approved a final dividend of N9 ($0.00771) per share, pending shareholder approval at the next annual general meeting. The payout compares with N8.5 ($0.00597) per share distributed in 2024.
Geregu Power: First publicly listed Nigerian power company
Founded in 2006, Geregu Power began supplying electricity to Nigeria’s national grid in 2007. Its 435-megawatt plant has been a steady contributor to the country’s energy supply. In 2013, Otedola’s Amperion Power Distribution Company, in partnership with Calvados Global Services and China’s State Grid Shanghai Municipal Electric Power Company, acquired the company.
Under Otedola’s leadership, a $94 million upgrade in 2014 boosted capacity and efficiency, leading to full utilization. By 2021, Otedola held full ownership, culminating in Geregu Power’s public listing on the Nigerian Exchange (NGX) in October 2022, the first electricity generation company to achieve this milestone.
MA’AM Energy acquires Geregu stake; assets rise to $214.6 million
Ownership shifted at the end of 2025 when MA’AM Energy, controlled by Yari, acquired 95 percent of Amperion Power Distribution. The transfer gave MA’AM Energy a 77 percent stake in Geregu Power, while Otedola retained 1.05 percent. Despite the changes the company continued posting strong financial results.
Total assets rose from N243.47 billion ($171.31 million) in 2024 to N305 billion ($214.61 million) in 2025. Shareholders’ equity increased from N52.56 billion ($36.98 million) to N58.63 billion ($41.24 million), and retained earnings grew to N57.34 billion ($40.33 million). MA’AM Energy is set to receive N17.3 billion ($12.22 million) in dividend payouts from Geregu Power.
