Geregu Power Plc., the first listed power generating company on the Nigerian Exchange Limited (NGX), plans to increase the capacity of its power station in Ajaokuta in Kogi State to 1, 300Megawatts (MW).
Independent Non-Executive Director of the company, Doron Grupper, said the company had already invested $430 million in the plant transformation.
Grupper, at the company’s 12th Annual General Meeting (AGM), at the weekend, said: “From the beginning, we invested 100 million Euro to bring the capacity to 435 MW after the purchasing of the plant.
“Right now, we have invested another 100 million Euro to bring us to 200 million Euro and including the purchasing altogether, we have invested 430 million Euro.”
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Also, Geregu Power Plc has taken a significant step to align with new standards, amid attainment of ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria (SON).
At the AGM, the company’s shareholders approved the Board of Directors’ N20 billion dividend payout for 2023 financial year and the re-election of two directors retiring by rotation. It also authorised the directors to fix the members of the auditors.
Chairman, Geregu Power, Mr. Femi Otedola, stated that the N20 billion dividend payout was a testament to the company’s strong financial position and dedication to delivering value to shareholders
