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 and principal repayment. The obligation arose from Geregu Power’s N40.09 billion Series 1 Senior Unsecured Bond issued in July 2022, more than three years before the current ownership and board assumed control of the company in December 2025. According to release from his Media Office, Yari said his decision was informed by the need to protect the company, reassure bondholders and support efforts to strengthen Nigeria’s power sector under President Bola Tinubu’s Renewed Hope Agenda. “As a stakeholder and a Senator of the Federal Republic of Nigeria, I deem it incumbent on me to do everything humanly possible for the Renewed Hope Agenda to be successful. I commend Mr President for the support that has been given to the power sector,” he said. The former Zamfara State governor, however, said the intervention would not affect ongoing engagements with the former management and board of Geregu Power over reimbursement, particularly as the bond and the arrangements surrounding it predated the present leadership of the company. “We continue to engage the former management and board of Geregu Power Plc for reimbursement. I have decided to do this in order to save the shares of the company,” Yari stated. He consequently assured bondholders, trustees, shareholders, the board, management and the general public of his continued support for Geregu Power, stressing that the immediate priority was to preserve the stability of the company and strengthen its capacity to contribute to improved electricity generation in the country. According to him, the intervention was necessary to ensure that inherited financial obligations did not undermine the company’s operations or its wider role in Nigeria’s power sector.
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