By Luminous Jannamike
The Chairman of the Board of Directors of Geregu Power Plc, Senator Abdul’aziz Abubakar Yari, has pledged to personally provide the funds required to settle the company’s immediate outstanding bond obligation, in a move aimed at shielding bondholders and preserving confidence in the power firm.
According to the former governor of Zamfara, he is putting his own money forward so that an obligation dating back to the company’s previous ownership does not unsettle investors or interfere with Geregu Power’s operations, while efforts continue to resolve the matter with the former owners and management.
In a statement personally signed by him, Yari said the bond was issued and the arrangements surrounding it were made under the former owners and management of Geregu Power, before the current ownership and Board assumed responsibility for the company.
He said discussions were already ongoing with the former owners and management over the circumstances surrounding the obligation and its eventual resolution, adding that they had indicated their willingness to continue engaging towards a lasting and amicable settlement.
