Geregu Power Deal Raises Fresh Questions Over Transparency and Regulatory Oversight – Chidi Odinkalu raises alarm.

Nigeria’s power sector is facing renewed scrutiny following the emergence of Senator Abdulaziz Yari as the controlling figure in Geregu Power PLC and questions surrounding the financing of his family’s acquisition of a majority stake in the company.
The development is traced to Nigeria’s 2005 electricity-sector reform, which was designed to create a competitive electricity market and regulate investment in newly unbundled power entities. Geregu Power was incorporated in November 2006 and commenced operations in 2007.
In 2013, Amperion Power Distribution Company Limited acquired controlling interests in Geregu Power. Amperion was described as a subsidiary of Forte Oil Plc.
The ownership structure changed dramatically on December 29, 2025, when Ma’am Energy Limited, described in the source as being controlled by Senator Yari’s family, reportedly paid US$750 million, equivalent to about ₦1.09 trillion, to acquire a 95 percent stake in Amperion Power. The transaction subsequently gave Ma’am Energy beneficial control of 77 percent of Geregu Power, while Yari became chairman of the company’s board.
The transaction has raised questions about the origin of the capital, the structure through which the acquisition was executed and the extent of regulatory scrutiny applied to the deal. The source argues that, despite Geregu being a publicly quoted company regulated by the Securities and Exchange Commission, the transfer of the controlling interest was effected through a restructuring of the holding company rather than a conventional transaction on the stock exchange.
The controversy deepened after Geregu Power reportedly defaulted on repayment obligations relating to a bond issued in 2022. On August 21, 2026, Yari reportedly announced that, in his capacity as chairman, he had personally stepped in to provide funds to address the immediate outstanding obligation.
That intervention has generated further questions about corporate governance, transparency and the separation between the personal finances of a controlling shareholder and the finances of a publicly traded company.
The source identifies four principal concerns: disclosure of the acquisition and debt repayment arrangements; protection of market integrity; the effectiveness of regulatory due diligence; and the tax and fiscal implications of a serving senator personally financing the repayment of a company debt in which he has a controlling interest.
The article also places the development against wider scrutiny surrounding Yari. It notes previous reports of an EFCC investigation involving an alleged ₦84 billion fraud case and a Federal High Court order concerning the forfeiture of properties linked to him. It further references a 2026 controversy involving gold bullion reportedly confiscated by the EFCC at Aminu Kano International Airport, allegations Yari threatened to sue unnamed persons over.
At the centre of the controversy is therefore a broader question: whether Nigeria’s regulatory institutions are adequately equipped and willing to scrutinise major transactions involving politically exposed persons and strategic national assets.
For critics, the Geregu episode illustrates the risks that arise when political power, substantial private capital and ownership of critical infrastructure intersect without sufficient public disclosure.
The allegations and concerns contained in the source remain matters requiring responses from the individuals and institutions involved, particularly the Securities and Exchange Commission and other relevant regulators.
The broader debate, however, is unlikely to end with the Geregu transaction. It touches directly on the credibility of Nigeria’s power-sector reforms, the integrity of its capital markets and the ability of regulatory institutions to protect investors and the public interest.
The author characterises the situation as “bandit capitalism”, a phrase that captures the central concern raised by the article: whether Nigeria’s economic and political systems are creating an environment in which access to political power can become intertwined with control of strategic economic assets.