WorldStage– The Board of Geregu Power Plc has responded to a significant and ongoing controversy in recent weeks, centered on a bond default and related financial issues with the appointment Engr. Mohammed Sani Jaoji as Acting Chief Executive Officer of the company, effective 17 August 2026
The appointment is subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).
According to a notice signed and filed at the Nigerian Exchange Limited by Gbeminiyi Shoda of StructureHQ Limited, the Company Secretary, the Sani Jaoji appointment follows the non-renewal of the term of the Interim Chief Executive Officer, Mr. Sean Manley, which ended on 14 August 2026.
Manley barely spent about six months on the seat having been appointed Interim CEO effective 2 February 2026 following a major ownership change at the company in late December 2025.
The company that generates and sells electricity to the national grid via the Transmission Company of Nigeria (TCN) and Nigerian Bulk Electricity Trading Plc (NBET) is widely described as Nigeria’s first corporate bond default in seven years.
In early August 2026, FMDQ Securities Exchange classified Geregu’s ₦40.09 billion Series 1 Senior Unsecured Bond (issued in July 2022 at 14.5% coupon, maturing July 2029) as being in “credit default”; the company missed its 8th semi-annual coupon payment and 4th scheduled principal (bullet) repayment. The actual amount that fell due and remained unpaid as of 28 July 2026 was approximately ₦6.03 billion (not the full ₦40 billion face value). Earlier payments had been made.
The Board has expressed confidence that the appointment of Engr. Jaoji who holds a Bachelor of Engineering degree in Mechanical Engineering from Ahmadu Bello University, Zaria will strengthen the company’s governance structure and strategic direction pending the appointment of a substantive Chief Executive Officer.
Engr. Jaoji is a registered member of the Council for the Regulation of Engineering in Nigeria (COREN) and previously worked at the National Electric Power Authority (NEPA) and Geregu Power Plc, where he served as Head of Maintenance Planning and Performance between 2007 and 2019. He later served as Technical Assistant to the Honourable Minister of Power from 2019 to 2023 before returning to Geregu Power Plc.
In late December 2025, billionaire investor Femi Otedola fully exited his controlling interest in Geregu Power Plc in one of the largest private divestments in Nigeria’s power sector.
In the transaction valued at $750 million (about ₦1.088 trillion at the prevailing exchange rate) Otedola did not sell Geregu Power shares directly on the Nigerian Exchange (NGX) but sold his 95% stake in Amperion Power Distribution Company Limited (the holding company that controlled Geregu) to MA’AM Energy Limited. This transferred the ultimate beneficial ownership of roughly 77% of Geregu Power to MA’AM Energy.
MA’AM Energy Limited, an Abuja-based integrated energy company is linked to Senator Abdulaziz Yari (former Governor of Zamfara State).
