N8 Per Share:" Geregu Power Shareholders to Get N20 Billion Dividend, Otedola Rakes in N15bn

• Shareholders of Geregu Power Plc would earn N20 billion as dividend for 2023
• The company's board of directors approved N8 per share as payment to shareholders
• The company's chairman, Femi Otedola, would pocket about N15.28 billion as a dividend

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Geregu Power's board of directors has proposed a dividend of N8 per share for the 2023 financial year.

In its annual filing with the Nigerian Exchange Limited on Tuesday, January 30, 2024, the power company disclosed on its register as of January 29 that shareholders would be paid N20bn.

Otedola to get the highest dividend

The power company has 2.50 billion units of shares.

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Femi Otedola's Geregu Power chairman holds 1,245 units directly and 1,965.979,283 indirectly via Amperion Power Distribution Limited and would earn N15.28 billion as dividends.

The company's board of directors approved the firm's Audited Financial Statements of Accounts for 2023 at its meeting on Monday, January 29, 2024.

A Punch report says the proposed dividend is subject to shareholders' ratification at its next annual general meeting.

The board also approved the appointment of Olukunle Oyewole as the Independent Non-Executive Director for regulatory and shareholder approval.

During the review period, the power-generating company recorded a 74.11% rise in revenue to N82.91 billion from N47.62 billion as of the end of 2022, the highest revenue ever earned in five years.

Shareholders to get N8 per share

The annual report stated that the firm's next major gas turbine overhaul was estimated to cost N31.62 billion.

Per the financial report, 50% is expected to be financed from cash generated from the company's operations, while the balance would be via debt.

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The report said:

"The sum of N7.61bn is being used as cash collateral for the Letter of Credit established for the next gas turbines major overhaul," part of the report said.

The company exceeded the N1 trillion market cap on the Nigerian Exchange Limited (NGX) in January 2024 following the bullish run in the market.

Otedola emerges second Nigerian billionaire with shares in two firms worth over N1trn

Legit.ng reported that billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.

The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.

Otedola's record comes after the chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, clinched the first position.

Source: Legit.ng