Chairman of Geregu Power Plc, Senator Abdul’aziz Abubakar Yari, has personally funded the clearance of the company’s outstanding bond obligation after it failed to meet a scheduled coupon and principal repayment.
The obligation relates to Geregu Power’s N40.09 billion Series 1 Senior Unsecured Bond, issued in July 2022. The company had missed its eighth semi-annual coupon and fourth scheduled principal repayment.
Yari’s intervention followed concerns among bondholders and investors over the company’s financial position and its ability to meet its obligations.
In a statement released by his Media Office, Yari said he personally stepped in to protect the company, reassure bondholders and safeguard shareholder value while supporting efforts to strengthen Nigeria’s power sector under President Bola Tinubu’s Renewed Hope Agenda.
“As a stakeholder and Senator of the Federal Republic of Nigeria, I consider it my duty to do everything within my capacity to ensure the success of the Renewed Hope Agenda. I commend Mr President for his support for the power sector,” Yari said.
The former Zamfara State governor said the bond and arrangements surrounding it predated the current ownership and board, which assumed control of Geregu Power in December 2025.
He said discussions with the former management and board of Geregu Power over reimbursement were ongoing, adding that his decision to personally fund the payment was aimed at protecting the value of the company’s shares.
“We are still in discussions with the former management and board of Geregu Power Plc to secure reimbursement. I took this step to safeguard the company’s shares,” Yari said.
Yari also assured bondholders, trustees, shareholders, directors, management and other stakeholders of his continued support for Geregu Power.
He said the priority was to preserve the company’s stability and strengthen its capacity to contribute to electricity generation in Nigeria, while ensuring that inherited financial obligations did not undermine its operations.
Geregu Power has confirmed that its outstanding bond obligations have been settled, with the payment effected in line with the company’s obligations.
The development marks an immediate step towards restoring investor confidence following the bond default, which had prompted increased scrutiny of Geregu Power’s financial position and led Agusto & Co. to withdraw its “A-” rating on the company and the bond.
Yari said the company would remain focused on financial stability, reliable electricity generation and its broader contribution to Nigeria’s power sector.
Goodness Anunobi
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