A company owned by billionaire Femi Otedola rakes in $40 million in revenue in the first quarter of 2024

The electric power company led by Nigerian billionaire Femi Otedola makes waves in the financial market with a revenue of $40 million recorded in the first quarter of 2024. This company, a cornerstone of the Nigerian electrical industry, continues to impress with its outstanding performance, thanks to ambitious expansion strategies and visionary management.

After surpassing the $90 million revenue mark in 2023, Geregu Power Plc has maintained its upward trajectory by achieving a remarkable revenue of 50.43 billion nairas (equivalent to $40.38 million USD) in the first quarter of the current year. These dazzling results attest to the financial strength and dominant position of the company in the country’s electricity sector.

Under the enlightened leadership of Femi Otedola, also the chairman of FBN Holdings Plc, a giant in financial services in Nigeria, Geregu Power has followed an impressive growth path marked by unprecedented expansion. In the first quarter of 2024, the company recorded a spectacular revenue increase, up by 254.38% compared to the same period the previous year, rising from 14.23 billion nairas to 50.43 billion nairas.

This rapid growth is attributed in part to the significant increase in revenue generated from total energy sales, which nearly quadrupled to reach 31 billion nairas, as well as a substantial rise in revenue from capacity fees, which more than tripled to stand at 19.43 billion nairas. These remarkable performances were further reinforced by a notable increase in operating profit and net profit, demonstrating the operational strength of Geregu Power under the enlightened leadership of Femi Otedola.

Buoyed by its recent successes, the company now sets ambitious expansion goals, intending to increase its total energy production capacity from 435 megawatts to 1,300 megawatts over the next two years. This bold initiative underscores Geregu Power’s commitment to solidifying its position as a market leader in Nigeria’s energy sector and making a significant contribution to the country’s energy production capacity.