Post by Moussa-Et-Mufasa Limited

Company review - GEREGU POWER PLC. GEREGU POWER PLC is a Nigerian Exchange Group (NGX Group)-listed company that owns a 435 MW open cycle power plant located in Ajaokuta (Kogi). The power plant generates electricity from natural gas and transmits it through TRANSMISSION COMPANY OF NIGERIA's national grid to Discos like Abuja Electricity Distribution Plc, Eko Electricity Distribution Plc etc. Discos then distribute to customers. Pre-2024, the Nigerian Bulk Electricity Trading Plc was responsible for pooling funds from Discos and making payments to electricity generating companies like Geregu and other players in the electricity market. Post-2024, the Nigerian Independent System Operator began handling this after the enactment of the Electricity Act 2023. The power plant was built by the Federal Government of Nigeria (the first owner of Geregu). It originally had three gas turbines (each has a capacity of 138 MW, resulting in a total capacity of 414 MW) and was commissioned in February 2007. As a part of the Nigerian power sector reforms in 2013, Geregu was partially privatised. Femi Otedola-owned Amperion Power Distribution Company Limited acquired 51% of the plant for about US$132 million. The new owners awarded Siemens a US$ 94 million overhaul contract in 2014. By 2016, Siemens had rehabilitated the three gas turbines at the plant. Installed capacity increased to 435 MW due to these works. Amperion bought out the government's remaining stake in 2021 and listed Geregu on the NGX in 2022, becoming the first Genco to do so. Between 2021 and 2025, the company gradually reduced its shareholding to about 77%. MA'AM Energy acquired 95% of Amperion's stake in December 2025. Albeit its installed capacity of 435 MW, Geregu's available capacity is usually lesser than 50% due to the illiquidity constraints in the power sector. Akin Akinfemiwa was the previous CEO. He resigned in December 2025 following the change in ownership, akin to the other directors. JB Omodayo-Owotuga, FCA, CFA, DBA was the previous Deputy CEO. Senator Abdul-Aziz Abubakar is the new Geregu Board Chairman and principal shareholder in MA'AM Energy. Some of the new proposed directors are: Neka Adogu, Usman Gur Mohammed. There is an ongoing process to obtain a no-objection from Nigerian Electricity Regulatory Commission (NERC) for the new directors. GenCos like Geregu earn revenues primarily through energy sales, compensation for available capacity and ancillary services like frequency regulation, voltage support etc. - Revenue: ~N 184.9 billion (2025), ~N 137.1 billion (2024) - Profit after tax: ~N 41.9 billion (2025), ~N 41.3 billion (2024)