Company: Geregu Power
Country: Nigeria
Sector: Electric Utilities
CEO: Mohammed Jaoji (Acting CEO, appointed August 2026)
Website: https://www.geregupowerplc.com/
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Geregu, Kogi State, Nigeria (power plant); corporate offices in Nigeria
Founded: Not publicly listed
Valuation/Revenue: $1,915.7m market value cited in African Business Top 250 (2025) — NOTE: this figure predates a major August 2026 bond default and a reported 99% year-on-year collapse in Q2 2026 revenue (to NGN 419.1m from NGN 55.87bn), so the current market valuation is likely to have moved materially since this figure was sourced
Geregu Power is a Nigerian gas-fired electricity generating company listed on the Nigerian Exchange, which changed hands in a $750 million takeover in December 2025 and then defaulted on a NGN 40.09 billion bond in August 2026, making it one of the more financially turbulent large companies in this dataset as of publication.
Is Geregu Power Still an Active, Operating Company?
Yes, Geregu Power continues to operate and remains listed on the Nigerian Exchange, but it is currently going through significant financial and leadership distress that anyone researching the company in 2026 needs to know about. In August 2026, the company defaulted on a NGN 40.09 billion (roughly $26-27 million) bond — missing its eighth coupon payment and fourth principal repayment on a bond originally due to mature in 2029 — and cited a NGN 61.47 billion turbine overhaul programme as a factor. The company’s Q2 2026 revenue reportedly collapsed by around 99% year-on-year, from roughly NGN 55.87 billion in Q2 2025 to just NGN 419.1 million in Q2 2026, and it has faced public questions over NGN 31 billion in restricted cash and a failed power plant acquisition. Because of this, this profile is flagged: figures and leadership details sourced from 2025 rankings should be treated with caution given how quickly the company’s situation has changed in 2026.
What Does Geregu Power Do?
Geregu Power generates electricity from a gas-fired power plant located at Geregu in Kogi State, Nigeria, selling wholesale power into the national grid as one of the generation companies (“GenCos”) that emerged from Nigeria’s 2013 privatization of its former state power utility.
Who Owns Geregu Power?
Ownership changed hands dramatically in December 2025: MA’AM Energy Limited, a vehicle controlled by Nigerian politician Senator Abdulaziz Yari’s family (specifically his son Abdulaziz Yari, alongside three other equal 25% stakeholders — Abdulkarim Tsafe, Jari Jafar and Abdulaziz Ahmad), acquired 95% of Amperion Power Distribution Company in a debt-financed deal backed by a consortium of Nigerian banks led by Zenith Bank. This gave MA’AM Energy ultimate beneficial ownership of roughly 77% of Geregu’s issued share capital (about 1.925 billion shares), displacing previous majority owner Femi Otedola, who had built up his stake through Amperion Power and Calvados Global Services before taking Geregu public in October 2022.
Who Is the CEO of Geregu Power?
Mohammed Jaoji was named Acting CEO in August 2026, amid the bond default crisis — the second leadership change at the company within seven months, according to Nigerian business press. This marks a departure from the company’s earlier long-serving CEO, Akin Akinfemiwa, whose profile still appears on some of the company’s own web pages but who is no longer the current chief executive per 2026 news coverage.
Is Geregu Power Publicly Traded?
Yes. Geregu Power was taken public on the Nigerian Exchange (NGX) by former owner Femi Otedola in October 2022, and remains listed, though its share price and investor sentiment have likely been affected by the 2026 bond default and revenue collapse.
How Does Geregu Power Compare to Its Competitors?
Geregu Power competes with Nigeria’s other major privatized power generation companies, including Transcorp Power and Egbin Power, for market share in the country’s wholesale electricity market. Unlike its more stable rivals, Geregu’s 2026 financial distress — including its bond default and dramatic revenue decline — sets it apart as a company facing acute credibility and liquidity questions within the sector at this time.
What Has Geregu Power Been in the News For Recently?
Geregu Power has dominated Nigerian business headlines in August 2026 for defaulting on its NGN 40.09 billion bond, for a near-total collapse in quarterly revenue, for questions over the use of proceeds from a bond issued under previous management, and for naming its second acting CEO within seven months. The company is reportedly awaiting potential relief tied to roughly NGN 500 billion in unpaid federal power sector arrears, which could materially affect its financial recovery.
Links
Website: https://www.geregupowerplc.com/
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
Is Geregu Power still operating? Yes, but it is in serious financial distress as of August 2026, including a bond default and a reported 99% quarterly revenue collapse.
Who is the CEO of Geregu Power? Mohammed Jaoji, named Acting CEO in August 2026, the company’s second leadership change in seven months.
Who owns Geregu Power? MA’AM Energy Limited, controlled by the family of Nigerian politician Abdulaziz Yari, which acquired roughly 77% beneficial ownership in a $750 million deal completed December 2025, displacing former owner Femi Otedola.
Is Geregu Power publicly traded? Yes, on the Nigerian Exchange since October 2022.
Why did Geregu Power default on its bond? It missed a coupon and principal payment on a NGN 40.09 billion bond in August 2026, citing a large turbine overhaul programme and broader financial pressure following its 2025 ownership change.
How much is Geregu Power worth? Its market value was cited at approximately $1.9 billion in African Business’s 2025 Top 250 ranking, but this predates the 2026 bond default and should be treated as outdated.