Geregu Power Plc Chairman, Senator Abdul’aziz Abubakar Yari, has personally provided funds to settle the company’s outstanding bond obligation after it recently defaulted on a scheduled coupon and principal repayment.
The debt is linked to Geregu Power’s N40.09 billion Series 1 Senior Unsecured Bond, which was issued in July 2022. Yari’s Media Office said the bond predates the current ownership and board of the power company, which assumed control in December 2025.
Yari said his decision to intervene was driven by the need to protect Geregu Power, reassure investors and bondholders, and prevent the inherited obligation from disrupting the company’s operations.
The former Zamfara State governor also linked his intervention to broader efforts to support Nigeria’s electricity 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,” Yari said.
Despite personally settling the obligation, Yari said the matter would not end ongoing discussions with the company’s former management and board over reimbursement. He stressed that the bond and related arrangements were entered into before the current leadership took over in December 2025.
“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,” he said.
Yari assured bondholders, trustees, shareholders, the board, management and the public of his continued support for Geregu Power. He said the immediate objective was to preserve the company’s stability and strengthen its ability to contribute to electricity generation in Nigeria.
The intervention comes as Nigeria continues to seek stronger investment and financial stability across the power sector. Yari maintained that inherited financial obligations should not be allowed to weaken Geregu Power’s operations or limit its contribution to the country’s electricity supply.
