KEY POINTS

• Geregu Power posted a pre tax profit of $29.53 million on revenue of $130.17 million in 2025.

• The power firm declared a higher dividend despite rising costs and tax expenses.

• Ownership shifted to Abdulaziz Yari controlled MA’AM Energy, which now holds a 77 percent stake.

Geregu Power Plc, one of Nigeria’s biggest electricity generation companies, made a pre-tax profit of N41.98 billion, or $29.53 million, for the 2025 financial year. This was despite a change in ownership and rising operating costs.

The company‘s most recent audited financial statements show that it made N184 billion, which is the same as $130.17 million. The results are from the first full year that MA’AM Energy, a company connected to former Zamfara State governor and businessman Abdulaziz Yari, has been in charge.

Energy sales brought in a lot more money this year, going from N87.46 billion to N120.81 billion. Capacity charges also went up, from N49.7 billion to N64.1 billion. The gains helped make up for higher taxes and administrative costs.

Profit after tax fell a little bit to N27.25 billion, or $19.17 million, from N27.42 billion in 2024. Officials from the company said that the small drop was due to rising costs, not weaker demand. They also said that the supply of electricity to the national grid stayed stable all year.

Dividends rise as assets and equity expand

The board approved a final dividend of N9 per share, but it must be approved by shareholders at the next annual general meeting. Earnings per share were N10.9. The payout is higher than the N8.5 per share given out last year, which shows that management is confident in the company’s cash flow.

Geregu Power started in 2006 and began providing electricity to Nigeria’s national grid a year later. Its 435 megawatt plant is now a major source of electricity for the country. In October 2022, the company made history by being the first power generation company to list on the Nigerian Exchange.

At the end of 2025, MA’AM Energy bought 95 percent of Amperion Power Distribution, giving it a 77 percent stake in Geregu Power. Femi Otedola, a billionaire investor who used to own the company, still owns just over one percent of it.

The balance sheet also got stronger over the course of the year. Total assets went up from N243.47 billion to N305 billion, and shareholders’ equity went up to N58.63 billion. Retained earnings rose to N57.34 billion, which means that MA’AM Energy will likely get N17.3 billion in dividends.

The results show that Geregu Power is still a stable player in Nigeria’s power sector, even though there are still energy shortages and investors are watching closely.