The Board of Geregu Power Plc has notified the Nigerian Exchange Limited (NGX) and the investing public of the appointment of Sean Manley as the Interim Chief Executive Officer (CEO), effective February 2, 2026.
Manley’s appointment is subject to the approval of the Nigerian Electricity Regulatory Commission (NERC) and the shareholders of the Company at the next general meeting.
Geregu Power Board is confident that his wealth of experience and leadership will add significant value to the Company.
The company’s 2025 audited accounts reveal a business grappling with thinner margins, weaker cash generation, and rising working capital pressure.
Yet, against this backdrop, Geregu Power has proposed a N9 per share dividend, translating to a total payout of N22.5 billion. This represents a 6 percent increase from the N21.5 billion paid for the 2024 financial year.
Manley is a seasoned power-sector professional with a proven track record in delivering complex energy projects in developing markets, bringing over 30 years’ experience spanning sales, business development, project implementation, supply-chain management, and OEM-led delivery within the power sector.
Over the course of his career with Siemens, Manley has developed deep technical and operational expertise in thermal power generation, covering plant construction, commissioning, major overhauls, and long-term operational support.
He is widely regarded as a practical problem-solver, with a demonstrated ability to close projects in challenging operating environments and brings extensive international experience and strong intercultural skills acquired across multi-jurisdictional engagements.
His areas of expertise include the delivery of large, complex infrastructure projects, management of multi-million-dollar business units, client and stakeholder relationship management, business and market development, as well as logistics and procurement analysis critical to successful project execution.
Recently, Geregu Power Plc, Nigeria’s first listed power generation company, saw a change in its shareholding structure.
Amperion Power Distribution Company Limited restructured its ownership following a share sale and acquisition concluded on December 29, 2025.
As a result of this transaction: MA’AM Energy Limited acquired 95 percent equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola in Geregu Power Plc was transferred to MA’AM Energy Limited.
The change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 percent of the Company’s issued share capital.
The $750 million deal reinforced Geregu’s status as a strategic, high-value asset in Nigeria’s energy sector, potentially increasing confidence in its valuation and long-term prospects.
Following the change in the ultimate beneficial ownership of Geregu’s issued share capital, the Board of Directors at its meeting held on Monday, December 29, 2025 considered and approved the appointment of Senator Abdul-Aziz Abubakar Yari as chairman, Board of Directors, Geregu Power Plc.
Manley and Yari will need to balance shareholders and analysts expectations that Geregu should no longer be about dividend generosity but about sustainability.
For example, closer look at Geregu Power’s cash flow statement suggests that the proposed dividend payout is not supported by underlying cash generation. Net cash from operating activities for 2025 stood at N19.6 billion, while free cash flow declined to N18.2 billion. Both figures fall well short of the N22.5 billion earmarked for dividends.
This mismatch implies that the company may need to either draw down cash reserves or resort to additional borrowing to fund shareholder returns. This is a move that would materially weaken balance sheet resilience at a time when operating risks are rising.