Nigeria, Feb. 2 -- Femi Otedola's Geregu Power recorded a drop in post-tax profit of 50.5 per cent for 2022 as revenue tumbled steeply and finance costs soared almost seven times, eating away at earnings, the audited financial statements of the power-generating firm showed Wednesday.

At N47.6 billion, the company posted one-third less revenue than it reported one year prior as gas supplies to the firm stopped mid-July on account of a nationwide force majeure declared by Shell Petroleum Development Company Limited, its major supplier, on Trans-Forcados pipeline, shrinking the income earned from energy sold and capacity charge.

The company earned N157.3 million from other income as foreign exchange gain realised relative to N1.7 billion a...