Geregu Power Plc has proposed a cash dividend of ₦9.00 per ordinary share for the financial year ended 31 December 2025, following the approval of its audited financial statements by the Board of Directors.
The dividend recommendation was approved at a Board meeting held on 15 January 2026 and remains subject to shareholder approval at the company’s forthcoming Annual General Meeting. If approved, the payout will further reinforce Geregu Power’s reputation as one of the Nigerian electricity sector’s most consistent dividend-paying companies.
In a regulatory disclosure dated 16 January 2026, the company also announced that the insider trading closed period earlier imposed will be lifted 24 hours after the release of the audited accounts, in line with Nigerian Exchange Limited rules
Dividend Resilience in a Challenging Power Market
Geregu’s ability to sustain a ₦9 dividend is notable within Nigeria’s power generation segment, where many operators continue to face liquidity constraints arising from payment shortfalls across the electricity value chain.
The proposed payout reflects the company’s relatively strong cash generation, disciplined cost structure, and comparatively lower exposure to the worst-performing distribution companies. For income-focused investors, the dividend reinforces Geregu’s positioning as a defensive equity within a structurally volatile sector.
Sector Backdrop: ₦4 Trillion Power Sector Debt Resolution
The dividend declaration comes at a pivotal moment for Nigeria’s electricity industry, as the Federal Government prepares a ₦4 trillion bond programme aimed at settling longstanding payment arrears owed to power generation companies.
These arrears—largely accumulated through the Nigerian Bulk Electricity Trading Plc (NBET)—have historically constrained GenCos’ balance sheets, limited maintenance spending, and weakened lenders’ appetite for new financing.
If implemented as planned, the bond could significantly improve sector liquidity, strengthen GenCos’ cash-flow visibility, and enhance dividend sustainability across the industry. For companies like Geregu, which already operate from a position of relative financial strength, the intervention could further improve earnings quality rather than merely plug solvency gaps.
Otedola Exit and Ownership Reset Add Market Context
The dividend announcement follows a fundamental change in Geregu Power’s ownership and governance structure, with Femi Otedola exiting the company entirely in a landmark transaction concluded on 29 December 2025.
In a notice to the Nigerian Exchange Limited, Geregu Power disclosed that its majority shareholder, Amperion Power Distribution Company Limited, had undergone a restructuring of its ownership following a share sale and acquisition completed on that date. As a result, MA’AM Energy Limited assumed control of 77 per cent of Geregu Power’s issued share capital, bringing to an end Otedola’s indirect controlling interest.
Market reports estimate the transaction value at approximately $750 million, marking one of the most significant single-asset exits in Nigeria’s power sector since privatisation. The company confirmed that the change resulted in a new ultimate beneficial owner of the 77 per cent controlling stake, rather than a partial or portfolio-level divestment.
Following the ownership transition, Geregu Power announced a major reconstitution of its Board, appointing Abdul-Aziz Yari as Chairman. Newly appointed directors include Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji. The Board stated that the appointments are expected to strengthen the company’s governance framework and strategic direction.
The company also confirmed the resignation of Otedola as Chairman, alongside Chief Executive Officer Akin Akinfemiwa, Deputy Chief Executive Officer Julius Omodayo-Owotuga, and eight other directors, all with effect from 29 December 2025. While acknowledging the departures, the Board noted that the executive leadership would collaborate with the new directors to ensure a smooth transition.
The ownership reset comes against a backdrop of solid operating performance. Geregu Power reported profit after tax of ₦25.1 billion for the nine months ended 30 September 2025, with revenue rising 16.8 per cent year-on-year to ₦131.47 billion, driven by higher energy sales and improved operational efficiency.
Taken together, the dividend declaration signals continuity in shareholder returns even as Geregu Power enters a new phase under MA’AM Energy’s control.
What Investors Will Watch Next
Attention now turns to:
The detailed breakdown of Geregu Power’s 2025 audited results, particularly free cash flow and receivables
The timing and structure of the ₦4 trillion power-sector bond
Early signals on strategy and capital allocation under the new controlling shareholder
Together, these factors will shape investor sentiment toward Geregu Power and the broader electricity sector in 2026.
