Yari in the Eye of the Storm as Geregu Power Deal Comes Under Scrutiny

Abuja — August 27, 2026
Senator Abdulaziz Yari, chairman of Geregu Power Plc, has come under renewed public scrutiny following questions surrounding the acquisition of the controlling interest previously held by billionaire businessman Femi Otedola and a subsequent dispute over the company’s ₦40 billion bond obligation.
The controversy centres on the December 29, 2025 transaction through which MA’AM Energy Limited acquired a 95 per cent stake in Amperion Power Distribution Company, the vehicle through which Otedola had indirectly controlled 77 per cent of Geregu Power. Geregu’s official filing to the Nigerian Exchange confirmed that the transaction changed the company’s ultimate beneficial ownership, while Yari was appointed chairman of the board.
The deal, reported to be worth about $750 million, has triggered questions about the ownership structure, financing of the acquisition, regulatory oversight and the circumstances surrounding Yari’s emergence at the helm of one of Nigeria’s most important power-generating companies.
The scrutiny has intensified following Geregu’s reported default on obligations connected to a ₦40.09 billion bond issued in 2022 under the previous ownership. Yari recently announced that he would provide funds to address the immediate outstanding obligation, stressing that the underlying transaction predated his administration and that the intervention was intended to protect bondholders and preserve confidence in the company.
However, questions remain over the utilisation of the bond proceeds. Reports indicate that the bond was reportedly raised for the proposed acquisition of another power plant, an objective that was not completed. This has prompted calls for greater clarity over what happened to the funds after the proposed acquisition failed.
The controversy is particularly significant because Geregu is not an ordinary private enterprise. The plant is one of Nigeria’s major thermal power stations and was originally privatised as part of the Federal Government’s power-sector reform programme. The Bureau of Public Enterprises says Amperion acquired 51 per cent of the Federal Government’s interest in 2013 for ₦20.53 billion and subsequently acquired an additional 29 per cent in 2019 for ₦13.134 billion, taking its stake to 80 per cent while government retained 20 per cent.
Against this background, civil-society groups, investors and other stakeholders are likely to demand answers on several issues: How was the $750 million acquisition financed? What due diligence was conducted before the transaction? What happened to the proceeds of the 2022 bond? Were all regulatory requirements satisfied? And what safeguards are in place to protect minority shareholders and other stakeholders?
The controversy also raises broader questions about the intersection of political influence, corporate ownership and public accountability, particularly given Yari’s position as a serving senator and chairman of a major publicly listed power company. Premium Times previously reported concerns over whether his appointment complied with Nigeria’s Code of Conduct requirements for public officers.
For now, Yari insists that his intervention at Geregu is aimed at protecting the company and its investors. But as questions surrounding the acquisition and the bond obligation continue to mount, the Geregu transaction is increasingly becoming a test of transparency and corporate governance in Nigeria’s strategic power sector.
What began as a change of ownership has now developed into a wider public-interest debate over who controls Geregu, how the acquisition was financed, and whether every aspect of the transaction can withstand rigorous regulatory and public scrutiny.