Nigerian businessman and former governor Abdul-Aziz Abubakar Yari has assumed control of Geregu Power Plc, positioning the company for its next growth phase as it prepares to benefit from a major Federal Government debt settlement in the power sector. Through his investment vehicle, MA’AM Energy Ltd, Yari and other minority shareholders are expected to receive a portion of the N500 billion ($351.3 million) owed to electricity generation companies.
Geregu Power is among several generation firms caught in a broader N4 trillion ($2.81 billion) backlog of unpaid obligations across the power sector. To address this, the Federal Government, via the Nigerian Bulk Electricity Trading (NBET) company, has launched a bond-backed repayment program. Under the arrangement, NBET Finance Company Plc—supported by a sovereign guarantee—will issue bonds to clear the accumulated debts.
As of September 2025, Geregu Power reported receivables of N170 billion ($116 million) after impairments, with the gross figure before write-downs estimated at close to N500 billion ($341 million). Outstanding obligations to the company stood at about N400 billion ($273 million) in March 2025 and climbed toward N500 billion by December, underscoring the scale of the anticipated inflow.
Yari’s emergence as the controlling shareholder follows the sale of Nigerian billionaire Femi Otedola’s 77 percent stake in Geregu Power for $750 million to MA’AM Energy. The transaction was executed through the acquisition of a 95 percent stake in Amperion Power Distribution Company Limited, the holding vehicle through which Otedola owned most of his shares. The deal effectively transferred control of Geregu Power to Yari, who has since been appointed chairman.
He takes over a company posting strong financial results. Geregu Power recorded an 82 percent increase in pre-tax profit to N11.2 billion ($7.62 million) for the three months ended September, while revenue rose 37 percent to N43.8 billion ($30.2 million). Over the first nine months of the year, revenue reached N131.5 billion ($89.46 million) and pre-tax profit climbed to N37.5 billion ($25.51 million), supported by higher electricity generation and improved pricing.
Yari’s path to the energy sector began far from boardrooms. He started his career as a teacher before embarking on more than two decades in politics. He holds advanced qualifications in public administration, finance, and investment management, including a master’s degree from the University of Salford and a leadership certificate from the London School of Economics.
Beyond public office, Yari has steadily built MA’AM Energy with a focus on sustainable and efficient power solutions. The acquisition of Geregu Power places him at the center of one of the most closely watched ownership transitions in Nigeria’s energy industry, highlighting how strategic investments and policy-driven reforms continue to reshape the country’s listed companies.
