Chairman of Geregu Power Plc, Senator Abdul’aziz Yari, has personally provided the funds required to settle the company’s outstanding bond obligation.
The payment follows concerns raised by bondholders and investors after the recent default.
Yari has, however, made it clear that paying the obligation does not mean the debt was personally his or that the current Board and management created the problem.
The bond was issued in 2022, when Geregu Power was under the ownership led by businessman Femi Otedola, years before the present ownership and Board took over.
Yari says discussions are continuing with Otedola and the previous management over how the obligation arose and how the funds he has now advanced should be treated.
His immediate priority, he said, was to make sure bondholders were paid and that the dispute did not further damage confidence in Geregu Power.
The next question is now about reimbursement.
In simple terms: Yari has paid the bond obligation. Bondholders are no longer the ones waiting. The discussion now shifts to Otedola and the previous management over who should ultimately bear the cost.
Yari has also assured shareholders and investors that Geregu Power’s obligations will be honoured and that the company’s future remains secure.
