Geregu Power Plc, the pioneering power generating company listed on the Nigerian Exchange Limited (NGX), has unveiled plans to bolster the capacity of its Ajaokuta power station in Kogi State to 1,300 Megawatts (MW), in a significant show of support for President Bola Ahmed Tinubu’s power sector reform agenda.
Doron Grupper, the Independent Non-Executive Director of the company, disclosed at the company’s 12th Annual General Meeting (AGM) over the weekend that Geregu Power has already invested $550 million in the transformation of the plant.
Grupper highlighted the company’s commitment to aligning with new standards, as evidenced by the attainment of ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria (SON).
Grupper expressed confidence in President Tinubu’s administration, stating that necessary measures were being taken to revive the power sector.
At the AGM, shareholders approved a N20 billion dividend payout for the 2023 financial year, reflecting the company’s robust financial position and dedication to delivering value to shareholders.
Femi Otedola, Chairman of Geregu Power, emphasized that the dividend declaration signals the company’s confidence in its future and its commitment to sharing success with investors. He hailed 2023 as a year of solid financial performance, characterized by strong commercial momentum and strategic operational efficiencies.
Looking ahead to 2024, Otedola remained cautiously optimistic, citing challenges faced in the previous year. He outlined the company’s aim to align operations with global trends towards affordable, clean, and efficient energy systems, including the incorporation of renewable energy sources into the power generation portfolio.
Akin Akinfemiwa, CEO of Geregu Power, underscored management’s operational excellence and financial prudence, positioning the company as a key player within the Nigerian Electricity Supply Industry (NESI) and the West African power market.
Akinfemiwa outlined the company’s growth objectives, including the transformation into a total energy solutions provider, with plans to create a sustainable power hub in the Ajaokuta axis.
Akinfemiwa expressed optimism that government policies, including the Electricity Act of 2023, would foster a viable Nigerian Electricity Supply Industry. He emphasized the company’s engagement with states in key economic areas to achieve growth objectives.
Boniface Okezie, National Coordinator of the Progressive Shareholders Association (PSAN), lauded the company for the N20 billion dividend payout, pledging support for management and commending staff for outstanding performance in the 2023 financial year.
