Femi Otedola's Geregu Power Crosses N2 Trillion in Valuation, Competes With Dangote, BUA, Others
- Geregu Power, owned by Femi Otedola, has exceeded N2 trillion in market capitalisation
- The power company joined the elite group of trillion naira firms early in 2024, along with other financial institutions
- The company's share price surged to N819.8 per share from N399 per share in 2022
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Barely two months after achieving a market capitalisation of N1 trillion, Geregu Power, owned by billionaire investor Femi Otedola, has achieved another feat by exceeding the N2 trillion mark on the Nigerian Exchange Limited (NGX).
Geregu Power's remarkable surge in market cap above N2 trillion is due to a substantial rise in the company's share price, soaring by over 100% since the beginning of 2024.
Source: Facebook
Revenue skyrockets 74.1 per cent
The power-generating firm's shares started the year at N399 per share on January 1, 2024 and climbed to N819.8.
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According to reports, investors responded to the power company's impressive performance in 2023, per data in its recently published annual report and financial statements.
The firm showed exceptional strength in the fiscal year, achieving a double-digit increase in revenue, exceeding the $90 million mark.
The company witnessed a 74.1% rise from N47.62 billion in 2022 to N82.91 billion by the end of 2023.
The increase was driven by the rise in energy sales and capacity charges, reaching about N51.8 billion and 31.1 billion, respectively.
Femi Otedola's net worth holds strong
The power-generating company's financial prowess has strengthened its position as one of Nigeria's most profitable firms.
Despite the naira devaluation, which eroded the earnings of most Nigerian billionaires, Otedola's net worth has remained at $1.3 billion due to his 78.64% stake in the power firm.
Forbes ranks Otedola as Nigeria's fourth wealthiest person and 2,203 richest in the world.
His power company's performance has aided his resilience amid economic challenges, keeping his position as a notable person in the global billionaire scene.
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.
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.
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Source: Legit.ng
