Nigerian billionaire Femi Otedola is on the edge of getting a tremendous $17.6 million dividend from Geregu Power Plc, a testimony to the business’s exceptional monetary efficiency and his astute financial investment in the energy sector.
This upcoming dividend, attributable to Otedola’s considerable 78.64 percent ownership in Geregu Power, highlights his impact and success in Nigeria’s busy financial landscape.
The monetary victory of Geregu Power and its effect on Femi Otedola
Geregu Power’s monetary accomplishments have actually been absolutely nothing except exceptional. The business’s yearly report for 2023 exposes a considerable profits boost of 74.1 percent, skyrocketing from N47.62 billion ($53.3 million) in the previous year to a remarkable N82.91 billion ($92.8 million).
This rise is mostly due to the boosted energy sales and capability charges, which stood at N51.8 billion ($58 million) and N31.1 billion ($34.81 million), respectively.
The driving forces behind this monetary success are Geregu Power’s tactical and affordable operations, which resulted in a 110-percent leap in operating revenue, climbing up from N14.82 billion ($16.6 million) in 2022 to N31.14 billion ($34.85 million) in 2023. The result? A substantial increase in incomes per share and, subsequently, a generous dividend suggestion of N8 ($0.174) per share for its stakeholders, consisting of Otedola.
Otedola’s monetary empire beyond Geregu Power
Femi Otedola’s monetary acumen extends well beyond Geregu Power. His financial investments cover throughout substantial entities like First Bank of Nigeria Holdings Plc (FBN Holdings) and Dangote Cement Plc, placing him for extra dividend incomes.
In January 2024, Otedola’s impact in Nigeria’s monetary sector was more strengthened with his visit as the chairman of FBN Holdings, following his function as a non-executive director.