Yari Blames Otedola for Geregu N40bn Bond Default
Senator Abdulaziz Yari, Chairman of the Board of Directors of Geregu Power Plc, has attributed the company's N40 billion bond default to its former majority owner, Femi Otedola, and former CEO, Akin Akinfemiwa. Yari assured investors that the outstanding issues are being addressed.
Corporate lawyer Faruk Yusuf alleged that the former owners, Amperion Power, misled the new owners, MA’AM Energy Limited, regarding funds meant for bond obligations. Yari stated that although the bond was issued under the previous management, he personally intervened with N6 billion to settle immediate obligations, clarifying that this does not imply personal liability.
He has been in discussions with the former owners for a lasting solution and emphasized the need to protect Geregu's reputation and restore investor confidence. Yari acknowledged the concerns raised by bondholders and shareholders regarding the company's governance and financial position.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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