Abdul’aziz Yari, the chairman of Geregu Power Plc, has moved to draw a line between himself and a N40.09 billion bond default that has rattled investors in one of Nigeria’s most closely watched independent power producers, saying he covered the shortfall out of his own pocket and now expects the company’s former owners to make him whole.
“This is not an admission that the obligation is personally mine,” Yari said, adding that it also does not amount to a finding that the current board or management created the problem.
That takeover ended Femi Otedola’s long tenure as the company’s controlling shareholder and chairman; Otedola had built up his stake after selling out of Forte Oil Plc more than a decade earlier.
The company later confirmed to bond trustees that the outstanding amounts had been remitted, effectively curing the default, though the episode has left a mark on the stock. Geregu shares, which traded above N1,019 within the past year, closed at N825.70 in mid-August, a decline of roughly 19 percent from their 52-week high. Related News Top 20 countries for doing business in 2026 and what puts them ahead Inside manufacturers’ shift from bank loans to capital-market funding Tinubu orders arrest of Nwabueze, suspension of three Permanent Secretaries over another fake agency
