Geregu Power’s Q1 Profit Plunges 80% After Otedola’s Exit

Geregu Power, one of only two power generation companies listed on the Nigerian Exchange, reported a 79.87 percent decline in earnings in the first quarter of 2026.

Profit after tax fell to N2.10 billion from N10.43 billion in the same period of 2025, according to the company’s financial statements released Thursday. Revenue also dropped to N18.24 billion from N31.76 billion.

The weaker performance comes four months after billionaire Femi Otedola exited the company as chairman and majority shareholder following the sale of his stake in the parent company, Amperion Power Distribution Company, to MA’AM Energy Limited.

On 29 December, MA’AM Energy acquired a 95% equity stake in Amperion, making it the new controlling shareholder.