Yari to Personally Settle Geregu’s Outstanding Bond Obligation
Chairman of Geregu Power Plc, Senator Abdul’aziz Abubakar Yari, has undertaken to personally provide the funds required to settle the company’s outstanding bond obligation, following the recent default on a
Geregu Power Plc's Chairman, Senator Abdul’aziz Abubakar Yari, has pledged to personally fund the company's outstanding bond obligations following a recent default on a coupon and principal repayment. The debt is tied to a N40.09 billion Series 1 Senior Unsecured Bond issued in July 2022, long before Yari and his board took over the company in December 2025.
Yari's move is aimed at protecting the company, reassuring bondholders, and bolstering Nigeria's power sector under President Bola Tinubu's Renewed Hope Agenda. As a senator, Yari believes it is his responsibility to contribute to the success of this agenda. He emphasized that his intervention does not impact ongoing discussions with the previous management and board of Geregu Power regarding reimbursement, as the bond and its related arrangements were in place before their tenure.
Despite this, Yari remains committed to supporting Geregu Power, reassuring all stakeholders, including bondholders, trustees, shareholders, and the general public. His primary focus is on preserving the company's stability and enhancing its ability to contribute to the country's electricity generation.
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