The board of directors of Geregu Power Plc has proposed a dividend of N8 per share for the 2023 financial year.
The power, in its annual report filed with the Nigerian Exchange Limited on Tuesday, stated the shareholders on its register as of January 29 will be paid N20bn.
The firm has 2.50 billion units of shares.
The Chairman of the firm, Femi Otedola, who holds 1,245 units directly and 1,965.979,283 indirectly through Amperion Power Distribution Limited would rake in N15.28bn as a dividend.
Geregu board of directors approved the Audited Financial Statements and Accounts of the Company for 2023 at its meeting on Monday.
The proposed dividend is subject to shareholders’ approval at its next annual general meeting.
The board at the meeting also approved the appointment of Mr Olukunle Oyewole as an Independent Non-Executive Director subject to regulatory and shareholder approval.
For the period under review, Geregu Power recorded a 74.11 per cent increase in its revenue to N82.91bn from N47.62bn as of the end of 2022.
This was the highest revenue it had earned in the last five years.
The annual report revealed that the next major gas turbines overhaul of the firm was estimated to cost N31.62bn.
50 per cent of the estimated costs are expected to be financed from the cash generated from the operations while the balance would be through debt.
“The sum of N7.61bn is being used as cash collateral for the Letter of Credit established for the next gas turbines major overhaul,” part of the report said.
Geregu joined the club of companies worth N1tn on the local bourse this January on the back of the bullish run in the market.