Yari Personally Settles Geregu’s Outstanding Bond Obligation
Chairman of Geregu Power Plc, Senator Abdul’aziz Abubakar Yari, has personally provided the funds required to settle the company’s outstanding bond obligation, following the recent default on a scheduled coupon
Senator Abdul'aziz Abubakar Yari, Chairman of Geregu Power Plc, has personally settled the company's outstanding bond obligation after it defaulted on a scheduled coupon and principal repayment. This action came following the transfer of ownership and board control of Geregu Power in December 2025, three years after the issuance of the N40.09 billion Series 1 Senior Unsecured Bond in July 2022.
Yari's decision was driven by the need to safeguard the company, reassure bondholders, and contribute to the strengthening of Nigeria's power sector under President Bola Tinubu's Renewed Hope Agenda. He emphasized that his action was to protect the company, reassure stakeholders, and support the Renewed Hope Agenda. Yari reiterated his commitment to the power sector, praising President Tinubu for the sector's support.
Despite this intervention, Yari stated that it would not impact ongoing discussions with the former management and board of Geregu Power concerning reimbursements, as the bond and its related arrangements were in place before the current leadership took over. He assured bondholders, trustees, shareholders, the board, management, and the public of his ongoing support for Geregu Power, highlighting the immediate priority of preserving the company's stability and enhancing its contribution to improved electricity generation in the country.
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