The chairman of Geregu Power Plc in Lagos, Femi Otedola, has explained the decision to allocate N20 billion as cash dividends to shareholders, highlighting the company’s robust financial position and promising prospects.
Speaking at the firm’s 12th annual general meeting, Otedola emphasized that the substantial dividend payout signifies the company’s profitability, confidence in future growth, and commitment to rewarding investors for their trust and support.
He noted that “2023 marked a robust financial performance for Geregu Power, characterized by solid commercial momentum and strategic operational efficiencies.”
Otedola attributed the company’s success to its resilience amid a challenging economic environment and dedication to continuous growth and value creation.
Key financial highlights for the year included a notable 58% increase in revenue, reaching N82.9 billion.
The growth was attributed to various factors, including favourable foreign exchange rates in tariff components, energy rate and capacity charges, and operational efficiencies implemented by the company.
Despite the challenges encountered in the previous year, Otedola expressed cautious optimism about Geregu Power’s future, assuring shareholders of sustained growth and value creation in the coming years.
News.ng had reported that FBN Holdings, Nigeria’s oldest bank, has emerged as the country’s most capitalized bank, surpassing Guaranty Trust Holding Company (GTCO)
The surge in FBN Holdings’ share price was attributed to the announcement of Otedola as a majority shareholder last year.
Since Otedola’s involvement, the stock has experienced a remarkable 230% increase, making it one of the best-performing banking stocks in the past year.
