Wealthy Nigerian politician Abdulaziz Yari personally settles Geregu Power's defaulted bond
Geregu Power chairman Abdulaziz Yari has personally provided the funds to clear the company's N40.09 billion ($29 million) bond after a recent default.
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Geregu Power chairman Abdulaziz Yari has personally provided the funds to clear the company's N40.09 billion ($29 million) bond after a recent default.
Geregu Power has defaulted on its ₦40.09 billion bond, eight months after Abdulaziz Yari's MA'AM Energy took control in a $750 million deal.
Abdulaziz Yari holds a roughly $400 million paper gain on his Geregu Power stake despite a 28 percent share price slide, because he bought at a discount.
Senator Abdulaziz Yari has denied any connection to N4 billion in gold bars seized at Kano airport and threatened legal action against those making the allegations.
Abdulaziz Yari became Geregu Power chairman after spending N1.08 trillion ($793 million) on the acquisition as a civil society group links him to illegal gold mining.
Senator Abdulaziz Yari chairs his first Geregu Power AGM on June 30, six months after a $750 million deal handed Nigeria's most valuable listed power company to a new owner.
Geregu Power reports $29.53 million profit, $130.17 million revenue, and strong dividends under Nigerian businessman Abdulaziz Yari.
Geregu Power’s N9 dividend hands Ma'am Energy a N17.325 billion payout, boosting Abdulaziz Yari’s profile in Nigeria’s power sector.