Geregu Power Defaults on N40 Billion Bond Amid Crisis

Geregu Power, a company acquired in December 2025 by AbdulAzeez Yari, a former governor of Zamfara State and current senator, from billionaire businessman Femi Otedola for USD 750 million, has defaulted on a N40 billion bond. This default has significant implications for Nigeria's energy access, as only 62.5 percent of the population currently has energy access, compared to nearly universal access in countries like India and Morocco.

Following the default, Agusto & Co withdrew its ‘A’ credit rating for Geregu, which could hinder Nigeria's ability to attract foreign investment in the power sector. Yari has publicly blamed Otedola and the previous management for the situation, while he reportedly paid six billion naira to reassure investors of the company's financial stability.

Despite this payment, the underlying issues remain unresolved, raising questions about the governance and operational challenges facing Geregu Power and the broader implications for Nigeria's energy crisis.