Otedola and Yari Meet in Monaco Amid Bond Default Concerns

Femi Otedola, the former Chairman of Geregu Power Plc, met with the company's new Chairman, Senator Abdulaziz Yari, in Monaco on August 23, 2026. This meeting occurred amidst ongoing concerns regarding the Securities and Exchange Commission's (SEC) silence during Geregu's bond default crisis, specifically related to a N40.09 billion Series 1 Senior Unsecured Bond.

The company failed to meet a repayment of approximately N6 billion due on July 28, 2026. Following the takeover, Geregu officials reported that the N40 billion intended for bond obligations was unaccounted for.

Yari had recently contributed N6 billion to settle these obligations. Market analysts have raised questions about Otedola's financial maneuvers, particularly regarding his acquisition of shares in First Bank, which saw a dramatic price increase from N21.70 in December 2024 to N129.95 by August 21, 2026, despite the Central Bank of Nigeria's restrictions on dividend payments.

The situation has intensified scrutiny on the SEC's role in the unfolding events.