Geregu Power Plc, Nigeria’s premier power-generating company, has reaffirmed its commitment to bolstering the nation’s power sector with an investment of $550 million aimed at plant transformation and capacity expansion.
The company, which prides itself as the first listed power-generating entity on the Nigerian Exchange Limited (NGX), aims to align its operations with President Bola Tinubu’s power sector reforms while delivering substantial value to shareholders and stakeholders alike.
At the 12th Annual General Meeting (AGM) held last week Friday, Doron Grupper, Independent Non-Executive Director of Geregu Power, highlighted the company’s ambitious investment plan.
Grupper revealed that a substantial portion of the investment, totaling €100 million, was dedicated to enhancing the plant’s capacity to 435 MW shortly after its acquisition.
Presently, an additional €100 million has been injected into the transformation efforts, bringing the total investment to €430 million.
The company now eyes further investment to ramp up capacity to a remarkable 1300 MW, pending resolution of pertinent issues with the federal government.
In a statement to journalists, Grupper emphasized the importance of aligning with the federal government’s direction in the power sector before embarking on further expansion initiatives.
He praised the present administration’s efforts to revive the sector, signaling Geregu Power’s readiness to play a pivotal role in driving the nation towards energy sufficiency and reliability.
Meanwhile, shareholders at the AGM endorsed the board’s decision to approve a N20 billion dividend payout for the 2023 financial year, underscoring the company’s robust financial position and commitment to shareholder value.
Femi Otedola, Chairman of Geregu Power, hailed the dividend declaration as a testament to the company’s resilience and dedication to delivering positive returns to its investors.
Looking ahead, Geregu Power’s Chief Executive Officer, Akin Akinfemiwa, expressed optimism for the company’s future trajectory.
Akinfemiwa outlined strategic objectives aimed at positioning Geregu Power as a key player in the Nigerian Electricity Supply Industry and West African Power market.
The company’s vision extends beyond power generation, aspiring to evolve into a total energy solutions provider, leveraging technological advancements and sustainable practices.
As Geregu Power charts a course towards enhanced capacity and operational excellence, stakeholders anticipate a brighter and more resilient future for Nigeria’s power sector, underpinned by innovation, sustainability, and strategic growth initiatives.
