Harrison EDEH
Geregu Power Plc has appointed veteran power-sector engineer Mohammed Sani Jaoji as its acting Chief Executive Officer.
Jaoji becomes the second interim CEO to take charge of the company within seven months as it grapples with a bond default, financial reporting concerns, and efforts to restore investor confidence.
His appointment took effect on August 17, subject to approval by the Nigerian Electricity Regulatory Commission (NERC), according to a statement from the company.
He replaces Sean Manley, whose tenure as interim CEO ended on August 14, barely six months after he was appointed following the resignation of former CEO Akin Akinfemiwa in February.
The rapid succession of interim chief executives points to an ongoing leadership transition at Geregu, coming less than a year after a major change in the company’s ownership and amid growing pressure over its financial obligations.
The company said Jaoji’s appointment was aimed at strengthening its governance and strategic direction while the board searches for a substantive CEO.
“The Board is confident that the appointment will strengthen the governance structure and strategic direction of the Company pending the appointment of a substantive Chief Executive Officer,” Geregu said.
Jaoji brings more than three decades of experience in the power sector and has a long history with Geregu.
He served as the company’s Head of Maintenance Planning and Performance from 2007 to 2019 before becoming Technical Assistant to the Minister of Power, a position he held from 2019 to 2023.
His return comes at a difficult time for the power producer, which recently defaulted on the eighth coupon payment and fourth principal repayment of its ₦40.09 billion Series 1 Senior Unsecured Bond.
The default has raised questions about the company’s ability to meet its debt obligations and triggered closer scrutiny of its financial position.
Advocate Times earlier reported that Agusto & Co subsequently withdrew Geregu’s ‘A’ rating, saying it no longer had sufficient reliable information to maintain its credit opinion because the company’s previously issued financial statements were undergoing independent verification.
The rating agency said it would reassess Geregu after completing its review and receiving reliable financial statements for the year ended December 31, 2025.
The financial pressure is also reflected in Geregu’s H1 2026 accounts, which showed ₦36.24 billion in borrowings and ₦29.86 billion in bond obligations as of June 30. About ₦48.67 billion in obligations was due within one year, this publication can report.
Geregu, however, generated ₦85.58 billion in net cash from operating activities during the first half of the year, although a significant portion of the cash generation came from collecting previously outstanding receivables.
Jaoji’s appointment also comes against the backdrop of Geregu’s ownership transition.
Femi Otedola, who previously controlled the company, divested his majority stake in a transaction valued at about $750 million.
MA’AM Energy Limited subsequently acquired a 95 per cent equity interest in Amperion Power Distribution Company Limited, giving it control of 77 per cent of Geregu’s issued share capital.
The ownership change was followed by a board restructuring, including the appointment of former Zamfara State senator Abdul-Aziz Abubakar Yari as chairman to replace Otedola.
Manley’s appointment in February had been presented as part of the company’s effort to provide experienced leadership during the transition.
He brought more than three decades of power-sector experience, including a significant career at Siemens overseeing large-scale energy and infrastructure projects.
His departure after only six months means Geregu has now turned to another industry veteran with deeper knowledge of its own operations.
For Jaoji, the immediate challenge will be to provide stability while the company addresses its debt obligations, financial reporting issues and investor concerns.
His 12 years of experience within Geregu could provide operational continuity, but the bigger test will be whether the new management can use that experience to stabilise the company’s finances and restore confidence while the board works toward appointing a permanent CEO.
