Geregu Power Plc Announces Resignation of Director John Robert Lee

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Jeremiah Ayegbusi

Geregu Power Plc has announced the resignation of Mr. John Robert Lee from its Board of Directors, effective April 11, 2025. The disclosure was made in a corporate notice issued on May 9, 2025, by the Company Secretary, Mr. Akinleye Olagbende.

Mr. Lee, who joined the Board in January 2022 as an Independent Non-Executive Director, also served as a member of the Statutory Audit Committee and the Remuneration and Governance Committee. During his three-year tenure, Mr. Lee played a key role in shaping Geregu Power’s strategic direction and strengthening its corporate governance framework.

The Board of Geregu Power expressed appreciation for Mr. Lee’s commitment, professionalism, and invaluable contributions. “The Board extends its sincere appreciation to Mr. Lee for his commitment, professionalism, and invaluable support throughout his time on the Board. We wish him continued success in all his future endeavours,” the company stated.

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Geregu Power did not announce an immediate replacement for Mr. Lee. His departure comes as the company continues to consolidate its position in Nigeria’s power sector, focusing on operational efficiency and strategic partnerships.

At the time of the announcement, Geregu Power’s stock was trading at ₦1,141.50 per share on the Nigerian Stock Exchange, reflecting a year-to-date decline of 0.74%. The stock has remained flat over the past month, with minimal trading activity. Despite this short-term stagnation, the company’s market capitalization stands at approximately ₦2.85 trillion, marking a 14.15% increase over the past year.

In its Q1 2025 financial report, Geregu Power posted a pre-tax profit of ₦13.01 billion, a 40.57% decrease from the ₦21.9 billion recorded in the same quarter of 2024. Revenue for the period was ₦31.7 billion, down 37.02% year-over-year. The company attributed the decline to reduced energy sales and capacity charges.

The resignation of Mr. Lee comes at a time when the company is navigating financial challenges and a stagnant stock performance. The Board has not yet announced a replacement for Mr. Lee.

Jeremiah Ayegbusi

Jeremiah Ayegbusi is an economist and former Academic Officer of the Nigerian Economic Students Association, Redeemer's University Chapter (NESARUN). He analyzes economic news and conducts research for long-form analysis, leveraging his strong academic foundation and passion for insights.