Otedola, Daughter Rake In Over N19bn From Geregu Dividends Payment

Nigeria’s billionaire businessman and the chairman of Geregu Power Plant Plc, Femi Otedola, received N19.11bn as dividend payment for 2022.

Geregu paid N21bn dividend to shareholders at N8 per ordinary share, the company’s financial records said.

Shareholders whose names appear in the register of members as of February 27, 2023 were paid by the Registrars, Meristem Registrars and Probate Services Limited on Thursday, 30th March, 2023, the company said on Friday.

However, analysis by THE WHISTLER reveals that Otedola received a total of N19.11bn as payout.

Otedola controls 1,245 direct shares and 2,388,921,063 indirect shares amounting to 2,388,922,308 shares out of the 2.5bn shares.

The Chairman’s 2,388,921,063 indirect shares in Geregu, owned through Amperion Power Distribution Limited, amounts to 95.56 per cent of the company’s total shares.

The free float of the Company as at 31 December 2022 was 111,073,957, representing 4.44 per cent.

Otedola’s daughter, Olawunmi Christine Otedola, who is on the board as a Non Executive Director controls 2,490 shares in Geregu, also received dividend payment of N19,920.

Akin Akinfemiwa, Geregu’s Chief Executive Officer who has 1,245 direct shares was paid N9,960 as dividend for 2022.

Otedola listed Geregu on the Nigerian Exchange Limited as the only power company on the local bourse.

The company said in its books for 2022 full year that Otedola made a “strategic decision to sell his majority stake in Forte Oil Plc and invest in developing the power industry in Nigeria through the acquisition of a majority stake in GPP, via an investment vehicle called Amperion Power Distribution Company Limited.”

He has controlling share in First Bank Holdings and reportedly owns the highest share held by an individual in Transnational Corporation.