This was made known to newsmen on Tuesday, January 20, 2026, in a corporate communications disclosure signed by Gbeminiyi Shoda, the Company’s Secretary, and filed with the Nigerian Exchange Group (NGX).

According to the notice, a final dividend of N9.00 per ordinary share, subject to appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 14th April, 2026.

The register of shareholders will be closed from 14th  April, 2026. The dividend qualification date is 13th April, 2026, while the payment date is 30th  April, 2026, which is subject to the approval of the company’s shareholders during the group’s Annual General Meeting, which will be held on the same day, on 30th April 2026.

The notice further added that the shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Company’s Registrar, Meristem Registrars and Probate Services Limited.

What You Should Know

The AGM will be the first AGM that the company will hold since the group’s former majority shareholder, Femi Otedola, divested his investment portfolio with the GENCO company and sold it to MA’AM Energy Limited in a deal worth $750 million.

The group’s Board of Directors is currently led by Senator Abdulaziz Yari alongside his Board members.

Financial Impact: The N9.00 dividend payout represents a total cash distribution of N22.5 billion, underscoring the company’s commitment to delivering consistent value to its investors despite the capital-intensive nature of the power sector and the power sector’s murky waters challenges.

This has shown that despite the leadership change, the power has continued to scale in its operations, and the resultant effect is the investment rewards that the group’s investors are reaping.

Operational Milestone: The upcoming AGM serves as an opportunity for the new leadership to outline their long-term strategic vision for the company following the significant transition in ownership to MA’AM Energy Limited.

The company’s shareholders will anticipate participating in the AGM and interacting with the company’s new leaders on the gray areas that they might have.

Shareholder Compliance: Investors are encouraged to prioritize the e-dividend mandate to ensure that they receive their payment directly to their bank accounts.

According to the company’s statement, the dividend will be paid to shareholders listed in its register of members as of the close of business on March 13, 2025.

The shareholder register will be closed on March 14, 2025, while dividend payments are scheduled for March 28, 2025.

Geregu Power has urged shareholders who have yet to complete their e-registration process to do so to ensure they receive their payments promptly.

The dividend declaration comes on the back of a commendable financial performance in 2024, with the company posting a post-tax profit of N27.4 billion, a 71% increase from the N16.0 billion recorded in 2023. Revenue also surged by 65.3% to N137.1 billion, compared to N82.9 billion in the previous year.

As one of Nigeria’s leading power generation companies, Geregu Power has consistently delivered profits for five consecutive years.

The N8.50 per share dividend is an increase from the N8.00 per share paid in 2023, reiterating the company’s focus on delivering value to its stakeholders.

The company also noted that unclaimed dividends are being held by its registrar, Meristem Registrars and Probate Services Limited, for shareholders who are yet to mandate their share accounts.

In a statement made available to journalists on Wednesday afternoon, the billionaire businessman and majority shareholder of Geregu Power Plc, a power generating company, also descended heavily on bank officials in the country, accusing them of profligacy and extravagant spending, including the purchase and maintenance of private jets.

A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers,Mr Otedola said. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks.This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.

To regain the trust of the Nigerian public and fulfill its pivotal role in the nations economic development, the banking sector must realign its financial priorities. Investments should be channeled into areas that directly improve customer services and enhance technological infrastructure.

Otedola’s message reads:

Dear Members of the Press,

I am writing to express my strong support for the implementation of a windfall tax in Nigeria and to highlight the critical role this measure plays in fostering a fairer and more equitable economic environment.

This endorsement aligns with the ongoing efforts to reform the Nigerian banking sector, aimed at enhancing economic stability and integrity within our financial institutions. Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment. Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good.

The revenue generated from windfall taxes can be channeled into essential public services such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities. The recent announcement of a windfall tax on the extraordinary profits earned by Nigerian banks is a significant first step towards achieving these goals.

The consolidation of various foreign exchange rate systems into a single investors and exporters (I&E) window led to the depreciation of the Naira and substantial increases in the value of bank assets denominated in United States Dollars.

This extraordinary gain should be redistributed to fund critical infrastructure development, education, healthcare access, and public welfare initiatives, addressing the intense pressure on public finances and alleviating the cost-of-living crisis many Nigerians face. Furthermore, the financial statements of manufacturing, telecoms, and SMEs indicate that many of these companies may not be able to pay corporate tax for at least the next two years, as they are currently showing negative equity. It is essential for the government to step in and provide support to bridge these gaps, ensuring revenue generation and fostering economic development.

The importance of aligning financial priorities with Nigerians broader economic development goals cannot be overstated. The Federal Governments reforms are both timely and essential for the sustainable growth of our economy.

By taking decisive action to implement these changes, the Federal Government is demonstrating a commitment to ethical leadership and accountability. These reforms will empower our banking sector to play a pivotal role in driving Nigeria’s economic development, ultimately securing a prosperous future for all Nigerians.

I also commend the recent recapitalization initiative in the banking sector, which sets minimum capital requirements of N500 billion for international banks and N200 billion for national banks. This move is designed to strengthen the banking sectors capacity to support Nigerias broader economic development goals. It is crucial for banks to focus on operational efficiency, technological innovation, and customer service, rather than executive extravagance.

Amid the progress with banking sector reforms, there is an urgent need to address entrenched issues within the Nigerian banking sector.

A concerning trend has emerged where some bank chief executives prioritize personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks. This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.

To regain the trust of the Nigerian public and fulfill its pivotal role in the nations economic development, the banking sector must realign its financial priorities. Investments should be channeled into areas that directly improve customer services and enhance technological infrastructure.

I urge all stakeholders in the Nigerian banking sector and the broader economic community to rally behind these visionary reforms. It is time for our financial institutions to embody the highest standards of integrity and service, ensuring a stronger and more resilient economy for all Nigerians.

Sincerely,

Femi Otedola

Coming closely behind him are the Chairman of Globalcom  Dr, Mike Adenuga, and Abdul Samad Rabiu of BUA Group, maintaining Number 5 and 6 spots with a net worth of  $6.9 billion and $5.9 billion respectively.

Dangote’s ally, Femi Otedola, who is Chairman of Geregu Power Plc, ranked among the 20 richest persons in Africa.

Otedola last appeared on the Forbes Africa list in 2017 when he held a controlling stake in Forte Oil.

Forbes in its list released yesterday said the fortunes of Africa’s wealthiest people rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago.

On Otedola, Forbes said, “Otedola phased out his oil investments during a government push to privatise the country’s energy business in 2013, using a Forte subsidiary to purchase Geregu, a public power generation plant.

“He owned about 90 per cent of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.

“His 73 per cent stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.

“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of four per cent last year, when African markets faded in sync with equity values around the world.

“This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10 per cent in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,” Forbes stated.

Below is the list of the top 20 richest billionaires in Africa

1. Aliko Dangote – $13.9 billion
2. Johann Rupert & family – $10.1 billion
3. Nicky Oppenheimer & family – $9.4 billion
4. Nassef Sawiris – $8.7 billion
5. Mike Adenuga – $6.9 billion
6. Abdulsamad Rabiu – $5.9 billion
7. Naguib Sawiris -$3.8 billion
8. Mohammed Mansour – $3.2 billion
9. Roos Bekker – $2.7 billion
10. Patrice Motsepe – $2.7 billion
11. Issad Rebrab & family – $2.5 billion
12. Mohammed Dewji – $1.8 billion
13. Strive Masiyiwa – $1.8 billion
14. Aziz Akhannouch & family – $1.7 billion
15. Othman Benjelloun & family – $1.4 billion
16. Youseff Mansour – $1.3 billion
17. Yassen Mansour – $1.2 billion
18. Christoffel Wiese – $1.2 billion
19. Michiel Le Roux – $1.1 billion
20. Femi Otedola – $1.1 billion