Geregu Power Plc

Geregu Power is Nigeria's first private electricity generation company listed on the NGX, and it's 80%-owned by Femi Otedola — one of Nigeria's most prominent business figures. For Lagosians, Geregu is the closest thing to a "stock that powers your home" on the exchange. The 435 MW Geregu Power Plant in Kogi State feeds directly into the national grid, supplying electricity that ultimately reaches Lagos through the Transmission Company of Nigeria. Every NEPA Band A bill paid in Lagos contains a small portion that flows back to Geregu's revenue. The stock has been one of the best post-IPO performers — listing at ₦100 in October 2022 and reaching ₦1,141.50 by April 2026, an 11x return in 4 years. At a 4.2% dividend yield with revenue growing from gas-to-power expansion, Geregu offers Lagos investors a way to participate in Nigeria's power sector reform.

Geregu Power Plc operates the 435 MW Geregu Power Plant in Kogi State, one of the largest single-cycle gas-fired power stations in Nigeria. Originally built by the Federal Government of Nigeria and acquired through privatization in 2013, the plant was further consolidated under Femi Otedola's Amperion Power Distribution Company. The plant was the first power generation asset to list on the NGX, debuting in October 2022 at ₦100 per share. Gas supply comes from the Niger Delta gas grid via NGC, and electricity is fed into the national grid through TCN substations. Geregu generates approximately 3,200 GWh annually — about 4% of Nigeria's total grid electricity production. The company has secured power purchase agreements (PPAs) with NBET (Nigerian Bulk Electricity Trader) at tariff structures linked to gas prices. Otedola's second power asset — Geregu II Power (450 MW) — is being prepared for spin-off and potential listing, which could further reshape the NGX power sector.