Femi Otedola’s Geregu Power exceeds N2 trillion milestone

Barely three months after attaining a significant market capitalization milestone of N1 trillion, billionaire Femi Otedola’s Geregu Power Plc has achieved another feat by outdoing a N2 trillion ($1.3bn) mark on local bourse.

Business analysts in Nigeria attribute Geregu Power’s skyrocketed market capitalization to a substantial increase in its share price, which have since the beginning of the year recorded a one hundred per cent growth.

Starting at N399 ($0.436) on January 1, the share price had climbed to N819.8 ($0.54) at the time of this report.

Investors have responded enthusiastically to Geregu Power’s impressive financial performance in 2023, as detailed in its recently published annual report and financial statements.

The company demonstrated exceptional resilience throughout the fiscal year, achieving a double-digit surge in revenue, surpassing the $90-million mark, a report by billionaires.africa stated.

In its annual report, the power-generating company reported that it recorded an outstanding 74.1 per cent increase, a growth from N47.62 billion ($53.3 million) in 2022 to N82.91billion ($92.8million) by the close of 2023.

The report states that this surge was significantly driven by an increase in energy sales and capacity charges, reaching N51.8 billion ($58 million), and N31.1 billion ($34.81 million), respectively.

Geregu Power’s exceptional financial performance has solidified its position as one of Nigeria’s most profitable entities. Despite the recent depreciation of the naira affecting the fortunes of several Nigerian billionaires, Otedola’s net worth has remained at $1.3 billion thanks to his substantial 78.64-percent stake in the power company.

A growth in the shares of Geregu Power Plc translates to growth in the net worth of its billionaire owner, Femi Otedola, as he now ranks fourth–richest man in Nigeria according to Forbes, and 2,203rd globally.

EAN/AE

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