Femi Otedola to Earn $17.6m From Geregu Power as Firm Remains Only Trillion Naira Company on NGX
- Billionaire businessman Femi Otedola is poised to receive about $17.6 million in dividends from Geregu Power
- The dividend payment is his stake in the power company, estimated to be about $1 billion
- The development follows the impressive performance of Geregu Power, which is the only trillion naira firm on Nigeria Exchange Limited (NGX)
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Nigerian billionaire and investor Femi Otedola is primed to get a final dividend payment, surpassing $17 million from his 78.64% share in the power company.
The dividend is scheduled to be paid on March 28, 2024, solidifying Otedola’s position as one of the top dividend earners in Nigeria and adding to his impressive net worth.
Source: Facebook
Otedola's net worth surges to $1 billion
A Forbes report says Otedola’s net worth is estimated to be about $1.1 billion, placing him among Africa’s billionaires.
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His substantial stake in Geregu Power comprises 1.9 million ordinary shares valued at almost $1 billion.
Billionaires Africa reports that the dividend payment is contained in the power firm’s annual report.
The company’s earnings saw a 74.1% increase from N47.62 billion in 2022 to N82.91 billion at the end of 2023 and is fueled by the rising energy sales and capacity charges, reaching N51.8 billion and N31.1 billion, respectively.
Geregu Power's impressive performance
Geregu Power recorded a whopping 110% surge in operating profit, from N14.82 billion in 2022 to N31.14 billion in 2023.
The company’s earnings per share rose to N6.42, an increase from the previous year’s N4.07.
The company’s board recommended a dividend payment of N8 per share to shareholders, enhancing their return on investment.
Apart from his holdings in Geregu Power, Otedola’s investment in First Bank of Nigeria Plc and recent share acquisition in Dangote Cement set him up for a vast dividends payment this year.
The billionaire’s investment shows his financial acumen and boosts his status as a key player in Nigeria’s business environment.
He emerged as the Chairman of FBN Holdings in January 2024, a milestone in Nigeria’s financial industry.
Otedola is 2nd Nigerian With Shares in 2 Firms Worth N1trn
Legit.ng reported that billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.
The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.
Otedola's record comes after the Chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, clinched the first position.
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Source: Legit.ng
