Otedola Earned N15.7bn As Geregu Power Shareholders Approve N8 Dividends

The Chairman of Geregu Power Plc, Femi Otedola will earn at least N15.7bn as his share of dividend of the power company.

This is following the approval of a dividend of N8 per ordinary totalling N20bn to be paid to all shareholders.

The decision was reached at the Annual General Meeting of the company, according to a regulatory filing seen by THE WHISTLER on Tuesday.

“A dividend of N8 per ordinary totalling N20,000,000,000 share be and is hereby approved for payment to all shareholders whose names appear in the register of members as of February 27, 2024,” the filing said.

As of December 2023, Otedola controlled 1,965,979,283 shares through Amperion Power Distribution Ltd and 1245 direct shares.

The business mogul controls a total of 1,965,980,528 which translates to N15.73bn at N8 per share.

The shareholders also approved the appointment of Chief Olukunle Oyewole as an Independent Non- Executive Director of Geregu Power.

The company also adjusted its Article 72 to limit the number of directors of Geregu Power.

The amendment reads, ‘‘Unless and otherwise directed by a resolution of the general meeting of the company, the number of directors of the company shall not be less than 6 or more than 13”