*Demands ‘fair treatment or reimbursement of funds’
*Lawyer: Escrow fund meant for repayment allegedly utilised before ownership changeInsists they left disappointing legacy
Demands ‘fair treatment or reimbursement of funds’ Lawyer: Escrow fund meant for repayment allegedly utilised before ownership change Insists they left disappointing legacy
Emmanuel Addeh in Abuja and Sunday Ehigiator in Lagos
The Chairman of the Board of Directors of Geregu Power Plc, Senator Abdulaziz Yari, has attributed the company’s N40 billion bond default to its former majority owner and Chairman, Femi Otedola, and former Chief Executive Officer, Akin Akinfemiwa, while assuring investors that the outstanding issues were being addressed.This comes as a corporate lawyer and Managing Partner at Segun Suleiman & Co., Faruk Yusuf, who spoke during an interview on ARISE News Channel, alleged that the former owners of Geregu Power, Amperion Power, misled the company’s new owners, MA’AM Energy Limited, over funds meant to secure its bond obligations, claiming that the money was held in an escrow account when it had allegedly already been utilised.
