Geregu Power Chairman settles bond default with personal funds

Senator Abdulaziz Abubakar Yari, Chairman of the Board of Geregu Power Plc, has used personal funds to settle the company’s outstanding bond obligations following a default on coupon and principal repayments. The debt involves a ₦40.09 billion Series 1 Senior Unsecured Bond issued in July 2022 under previous management.

Yari, whose investment group acquired ownership of the power utility in late 2025, stated that the intervention was intended to prevent reputational damage and protect company equity. He noted that the move does not absolve former owners of their liability, and discussions regarding reimbursement for the inherited debt are ongoing.

The intervention has raised questions regarding corporate governance. Legal practitioner Chidi Odinkalu has commented on the implications of political figures using personal capital to bail out publicly listed energy corporations.