Geregu power
Geregu Power Plc is Nigeria's first listed power generation company, operating a ~414MW gas-fired plant that sells electricity exclusively to the government-backed NBET offtaker under regulated tariffs for distribution through the national grid.
- Company typePublic
- Founded2013
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Geregu power does
Geregu Power Plc is Nigeria's first listed power generation company, operating as a bulk electricity generator (Genco) with approximately 414MW of installed capacity from its gas-fired power plant in Kogi State. Incorporated as a public limited company and traded on the Nigerian Exchange under ticker GEREGUPOWER since its 2024 listing, the company generates electricity and supplies it exclusively to the Nigerian Bulk Electricity Trading Plc (NBET), the government-backed intermediary offtaker that distributes power through the national grid to Distribution Companies (DisCos).
The company operates a pure B2G (business-to-government) commercial model under tariffs regulated by the Nigerian Electricity Regulatory Commission (NERC). Its revenue is derived from two streams: variable energy sales based on electricity dispatched, and fixed capacity charges based on available generation capacity. This dual structure provides partial revenue stability, though all revenue flows through a single counterparty (NBET), creating concentrated payment-cycle exposure that has historically been addressed through sector-wide debt resolution frameworks, including a N827.16 billion settlement signed on 28 January 2026.
Geregu was acquired by Femi Otedola in 2013 and subsequently listed on the NGX in 2024. On 30 December 2025, Otedola sold his approximately 77% controlling stake to MA'MAM Energy Limited for $750 million, financed by a consortium led by Zenith Bank Plc, with Abdul-Aziz Abubakar Yari appointed Chairman effective 29 December 2025. The company reported 9M'25 revenue of N131.4 billion and net profit of N25.1 billion — the highest in over five years — against total assets of N273.1 billion.
Geregu power firmographics
Firmographics- Name
- Geregu power
- Legal name
- Geregu Power Plc
- Website
- https://geregupowerplc.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Geregu Power Plc is Nigeria's first listed power generation company, operating a ~414MW gas-fired plant that sells electricity exclusively to the government-backed NBET offtaker under regulated tariffs for distribution through the national grid.
- Ownership category
- akta.pro rank
Geregu power industry classification
Industry- Product category
- Power Generation
- NAICS
- Fossil Fuel Electric Power Generation (221112)
- SIC
- Electric Services (4911), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)
Keywords
Where Geregu power is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Geregu power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Infrastructure, Personnel
Revenue model
- Energy Sales: Revenue from sale of electricity generated from the company's gas-fired power plant to the Nigerian Bulk Electricity Trading Plc (NBET), which then distributes to end-user Distribution Companies.
- Capacity Charges: Fixed capacity charges based on available generation capacity, contributing to revenue stability alongside energy sales.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Geregu power product offering
Product offeringCore offering
Geregu Power Plc operates a gas-fired power plant in Kogi State, Nigeria, generating approximately 414MW of electricity that is supplied in bulk to the Nigerian Bulk Electricity Trading Plc (NBET) under a regulated Power Purchase Agreement. NBET, the government-owned intermediary off-taker, transmits the power through the national grid to Distribution Companies (DisCos) for delivery to end users across Nigeria.
Product overview
Geregu Power Plc is Nigeria's first listed power generation company that generates electricity. The company operates as a power generation company (Genco) in Nigeria's electricity sector, selling energy to the Nigerian Bulk Electricity Trading Plc (NBET) and contributing to the national grid. No specific named product modules or sub-products are identified in the available source material.
Differentiator
Problem solved
Functional benefit
Products and services
- Bulk Electricity Supply
- Capacity Charges
Quantifiable outcome
- Net profit of N25.1 billion in 9M'25, the highest in over 5 years
- +1 more outcomes
Companies that use Geregu power
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Geregu power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Geregu power partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Sahara Power GroupminorSahara Power Group, another generation company, indicated that NBET's N501 billion bond issuance for legacy debt resolution could unlock stalled capacity expansion projects such as the second phase of the Egbin Power Plant. Both Geregu and Sahara benefit from the sector-wide debt resolution.
- Nigerian Bulk Electricity Trading Plc (NBET)coreGeregu Power, along with four other electricity generation companies, signed settlement agreements worth N827.16 billion with NBET to resolve legacy debt issues under the Federal Government's power sector debt resolution framework. The agreements aim to improve liquidity, enable investment, and support sustainable electricity supply by addressing payment arrears.
Scale indicators12 records
Recent moves6 records
Expansion highlights3 records
Geregu power competitors and assessment
Company assessmentDirect peers
- Transcorp Power Plc: Nigerian Genco listed on the NGX operating a gas-fired power plant (formerly Ughelli) supplying bulk electricity to NBET under the same regulated PPA framework as Geregu — the closest publicly traded peer in Nigeria's Genco segment.
- Sahara Power Group / Egbin Power Plc: Operates the ~1,320MW Egbin Power Plant, Nigeria's largest gas-fired Genco, also selling bulk electricity to NBET; a directly comparable thermal Genco already engaged in sector-wide NBET debt settlement with Geregu.
- Mainstream Energy Solutions Company Limited: Operates the Kainji and Jebba hydroelectric plants (~1,300MW combined) under a concession with the Nigerian government, selling bulk power to NBET; a peer Genco with the same regulated offtake model but different generation technology.
- Pacific Energy Company Limited: Nigerian gas-to-power IPP that operates a captive gas-fired generation facility supplying the national grid via NBET and bilateral arrangements, sharing Geregu's gas-fired, B2G supply model in the same Nigerian market.
Emerging players
- Geometric Power Limited: Nigerian integrated power project in Aba combining gas-fired generation (~188MW) with a dedicated distribution franchise; comparable as a Nigerian private Genco, though it pairs generation with a captive Disco rather than relying solely on NBET.
- Karpowership: Operates floating powerships (gas/LNG-fired) supplying electricity under bilateral PPAs to Nigeria and other West African utilities; an alternative gas-fired generation delivery model competing in the same Nigerian capacity-shortage market.
- Globeleq: Pan-African IPP operating a portfolio of thermal, wind and solar assets across multiple African countries with regulated offtake arrangements; an emerging regional Genco operator with similar PPA-driven business model in adjacent African markets.
- Endeavor Energy (formerly Alpiq EGL): Independent power producer with African generation assets and a flexible portfolio including gas-fired thermal; a comparable emerging IPP peer with exposure to gas-fired capacity in Sub-Saharan Africa.
Regional players
- Kenya Electricity Generating Company (KenGen): Kenya's largest Genco, listed on the Nairobi Securities Exchange, with a diversified mix of hydro, geothermal, thermal and wind capacity selling to the national grid; a regional listed Genco peer with similar offtake and tariff dynamics, albeit in East Africa.
Broad incumbents
- Eskom Holdings SOC Ltd: Vertically integrated South African state-owned utility operating generation, transmission and distribution including large coal, gas and hydro fleets; a broad incumbent comparable on regulated Genco economics and capacity-mix dynamics, though at materially larger scale and outside Nigeria.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Geregu power social profiles
Digital presenceGeregu power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Geregu power leadership team
Management profileNumber of profiles
Profiles1 record
Geregu power funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Geregu power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Geregu power
What does Geregu power do?
Geregu Power Plc operates a gas-fired power plant in Kogi State, Nigeria, generating approximately 414MW of electricity that is supplied in bulk to the Nigerian Bulk Electricity Trading Plc (NBET) under a regulated Power Purchase Agreement. NBET, the government-owned intermediary off-taker, transmits the power through the national grid to Distribution Companies (DisCos) for delivery to end users across Nigeria.
Is Geregu power a public or private company?
Geregu power is a public company. It is classified as public and is currently operating.
When was Geregu power founded?
Geregu power was founded in 2013. It employs 101 to 250 people.
Where is Geregu power based?
Geregu power is headquartered in Lagos, Nigeria, in the Africa region.
How does Geregu power make money?
Two revenue lines are on record. Energy Sales are the primary driver. The others are capacity Charges.
Who are Geregu power's main competitors?
Direct peers on record are Transcorp Power Plc, Sahara Power Group / Egbin Power Plc, Mainstream Energy Solutions Company Limited and Pacific Energy Company Limited. Emerging players are Geometric Power Limited, Karpowership, Globeleq and Endeavor Energy (formerly Alpiq EGL). Kenya Electricity Generating Company (KenGen) is listed as a regional player. Eskom Holdings SOC Ltd is listed as a broad incumbent.
Does Geregu power have an API?
No public API is recorded for Geregu power.
What industry is Geregu power in?
Geregu power's product category is Power Generation. Its primary akta.pro industry code is EUACABAI, Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield). Its NAICS code is 221112 and its SIC code is 4911.