Billionaire businessman Femi Otedola’s Geregu Power Plc has recorded $57 million in revenue for the first half of 2025, solidifying its growing influence in Nigeria’s electricity generation landscape. The company’s latest financial performance was disclosed in its unaudited financial statements filed with the Nigerian Exchange, reflecting continued stability and strategic positioning amid a volatile national energy environment.
Geregu Power, which operates a gas-powered electricity plant in Ajaokuta, Kogi State, has become one of Nigeria’s most visible and professionally run independent power producers since its listing on the Nigerian Exchange in 2022. Otedola, who serves as the company’s Chairman and holds a significant controlling stake, has continued to advocate for reforms in Nigeria’s energy supply value chain, stressing the importance of private sector-led investments.
Industry observers note that the company’s strong mid-year showing is driven by increased grid contributions, improved operational efficiency, and strategic off-take agreements with government-backed agencies.
Despite the country’s persistent power supply shortfalls, Geregu Power has maintained a reputation for reliability and compliance, consistently pushing for greater transparency and sustainability in Nigeria’s troubled power sector.
Otedola, speaking at a recent investor forum in Lagos, said, “Nigeria cannot develop at the pace we desire without a stable, privately-driven power sector. Our performance at Geregu reflects what is possible when businesses are allowed to function with professionalism, governance, and a long-term view.”
While the company’s profit-after-tax figures for the period are yet to be disclosed, early signals suggest that 2025 may outpace previous years, particularly with increasing grid demand and favourable policy adjustments from the Federal Government.
Geregu Power’s success has also drawn attention to the strategic relevance of publicly listed power assets in Nigeria, encouraging a shift in how energy infrastructure is financed and managed.
Femi Otedola, who has previously held major stakes in the oil and gas sector through his former company, Forte Oil, has often spoken about his pivot to long-term infrastructure investments that support national development. His stewardship of Geregu Power appears to be the most convincing realisation of that vision yet.
