Power Sector Gets a Boost with the Achievements of the Geregu Power Company

The Geregu Power Company Plc, is showing more commitment to the Nigerian Power sector, taking meaningful steps to align with new standards. This is after its attainment of ISO 9001 and 14001 certifications, from the Standard Organisation of Nigeria (SON).

Geregu power PLC is a Nigeria-based power generation company located in Kogi state. The Company is principally engaged in the business of electric power generation and sale of electric power through the National Grid of the Transmission Company of Nigeria.

The management of Geregu Power Plc stated that being the first listed power generating company on the Nigerian Exchange Limited (NGX), they were determined to support President Bola Tinubu’s power sector reforms.

At the 12th Annual General Meeting (AGM) that held on Friday March 29, the Independent Non-Executive Director of the company, Doron Grupper, stated that the company has invested $550 million in plant transformation. The shareholders also approved the Board of Directors N20 billion dividend payout for the 2023 financial year.

Grupper said “Now, we are planning to invest much more because we hope to increase the capacity of the power station to 1300 megawatts.” He noted that the present administration was doing what was necessary to revive the power sector, stressing that the management of Geregu Power was also watching at the federal government’s direction, in taking necessary actions.

Addressing shareholders, Chairman, Geregu Power, Mr. Femi Otedola, stated that the N20 billion dividend payout was a testament of the company’s strong financial position and dedication to delivering shareholders value”.

On outlook for 2024, he said the company remains cautiously optimistic despite the challenges faced in the previous year. Restating some of the company’s plans, he said “In 2024, Geregu Power aims to align our business operations with the global trends, towards affordable, clean and efficient energy systems”.

On his part, the Chief Executive Officer, Geregu Power, Mr. Akin Akinfemiwa, stated that the company’s 2023 accomplishment underscored the management to operational excellence and financial prudence, positioning the company, as a key player within the Nigerian Electricity Supply Industry and West African Power market.

He expressed that the company was looking forward to a brighter future as the management doubled down on operations and embarked on a journey to reposition itself beyond a power generation company, to a total energy solutions provider.

BlossomNigeria says this is really commendable. While calling on more investors for the Geregu Power Company, the success of the company so far, is also giving strong hope to the Nigerian power sector. The reason is simple. If the private sector investors can go this far in bringing the Geregu power company to the global platform, the Government can do the same and much more, in reviving abandoned power projects across the country. There is indeed, strong hope for the Nigerian power sector. Well done Geregu Power Plc.