Table of Contents
Nigerian businessman and former governor Abdul-Aziz Abubakar Yari is taking charge of the next growth phase at Geregu Power Plc, moving swiftly as his company, MA’AM Energy Ltd, alongside other minority shareholders, stands to receive a significant share of the N500 billion ($351.3 million) in power sector debt owed by the Federal Government.
Geregu Power positioned amid sector bonds
An analysis of power sector arrears and repayment instruments shows that Geregu Power, like other electricity generating companies (Gencos), is part of a larger N4 trillion ($2.81 billion) debt. The Federal Government, through the Nigerian Bulk Electricity Trading (NBET) company, has launched a bond program to settle these obligations. NBET Finance Company Plc, backed by a sovereign guarantee, will issue bonds under this N4 trillion framework.
Geregu Power’s financial statements as of September 2025 report receivables of N170 billion ($116 million) net of impairments. The gross amount before impairment could approach N500 billion ($341 million). By March 2025 outstanding obligations to the company were around N400 billion ($273 million) climbing to nearly N500 billion ($341 million) by December.
Yari gains control of Geregu Power
This move follows Nigerian billionaire Femi Otedola’s sale of 77 percent of his Geregu Power stake for $750 million to MA’AM Energy Ltd., which is linked to Yari, as the company acquired a 95 percent stake in Amperion Power Distribution Company Limited, the entity through which Otedola held most of his shares, thus making Yari the new controlling shareholder.
Now appointed chairman, Yari inherits a company showing strong financial performance. Geregu posted an 82 percent rise in pre-tax profit to N11.2 billion ($7.62 million) for the three months to September, with revenue climbing 37 percent to N43.8 billion ($30.2 million). Over nine months, revenue reached N131.5 billion ($89.46 million) and pre-tax profit N37.5 billion ($25.51 million), driven by higher generation and improved pricing.
From teaching To energy leadership
Yari’s career did not begin in corporate offices. He started as a teacher before a political journey spanning more than 20 years. He holds advanced degrees in public administration, finance and investment management including a master’s from the University of Salford and a certificate in Leadership and Change from the London School of Economics.
Beyond politics, Yari quietly built MA’AM Energy, strategically investing in energy solutions with a focus on sustainability, reliability, and efficiency. The acquisition of Geregu Power places him at the center of one of the most closely watched corporate transitions in Nigeria thus highlighting how strategic investment continues to shape Nigeria’s listed companies.
