The shareholders of Geregu Power Plc voted in favour of a declared dividend amounting to N20 billion.
The approval of the dividend which was given at the company’s 12th Annual General Meeting (AGM) in Lagos translates into N8.00 per Ordinary Share of 50 kobo each, according to nairametrics.
According to the company, the dividend will be distributed to the eligible shareholders whose names appear in the Register of Members on February 17, 2023, after the deduction of applicable taxes.
The Chairman of the Board of Directors of Geregu Power Plc, Mr Femi Otedola, said in his address to shareholders at their Annual General Meeting that this dividend is a tribute to the company’s sound financial position and its commitment to deliver shareholder dividends.
The declaration of dividends is not merely a distribution of profits, it signals our trust in the company’s future and our commitment to share its success with those who have put their money into us.
Otedola said that the Nigerian electricity sector was marked by a watershed moment in 2023, with significant legislative directives and operational challenges.
He said that the transformation of Nigeria’s energy landscape in 2023 has been a historic step, which is attributed to the approval of the Electricity Act by President Tinubu on June 8, 2023.
He added that the comprehensive legislation aimed to address long-standing issues in the Nigerian Electricity Supply Industry (NESI) setting a course for reform and growth.
“Central to the Act’s objectives was the decentralization of electricity supply to the states and private investors and integration of renewable energy into Nigeria’s energy mix.
“This initiative aligned perfectly with global trends toward sustainable energy solutions and was crucial in attracting the necessary investment to revitalize the industry.
“The Act’s focus on introducing new policies and regulatory measures to overcome current challenges and attract private sector investment across the NESI value chain is instrumental in steering the industry towards a self-sustaining profitable and efficient future.
“In response to these regulatory changes, Geregu Power Plc took significant steps to align with these new standards and expectations.
“A milestone achievement in this regard was our attainment of ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria,” he said.
