Afrigather Nigerian billionaire Femi Otedola is getting ready to receiving a whopping $17.6 million dividend from Geregu Energy Plc, a testomony to the corporate’s excellent monetary efficiency and his astute funding within the vitality sector.
This forthcoming dividend, attributable to Otedola’s substantial 78.64 p.c possession in Geregu Energy, underscores his affect and success in Nigeria’s bustling financial panorama.
The monetary triumph of Geregu Energy and its impression on Femi Otedola
Geregu Energy’s monetary achievements have been nothing in need of exceptional. The corporate’s annual report for 2023 reveals a major income enhance of 74.1 p.c, hovering from N47.62 billion ($53.3 million) within the earlier yr to a powerful N82.91 billion ($92.8 million).
This surge is primarily because of the enhanced vitality gross sales and capability costs, which stood at N51.8 billion ($58 million) and N31.1 billion ($34.81 million), respectively.
The driving forces behind this monetary prosperity are Geregu Energy’s strategic and cost-effective operations, which led to a 110-percent leap in working revenue, climbing from N14.82 billion ($16.6 million) in 2022 to N31.14 billion ($34.85 million) in 2023. The end result? A big enhance in earnings per share and, consequently, a beneficiant dividend advice of N8 ($0.174) per share for its stakeholders, together with Otedola.
Otedola’s monetary empire past Geregu Energy
Femi Otedola’s monetary acumen extends properly past Geregu Energy. His investments span throughout vital entities like First Financial institution of Nigeria Holdings Plc (FBN Holdings) and Dangote Cement Plc, positioning him for extra dividend earnings.
In January 2024, Otedola’s affect in Nigeria’s monetary sector was additional solidified together with his appointment because the chairman of FBN Holdings, following his position as a non-executive director.
