Mohammed Sani Jaoji named CEO of Geregu Power after $29.4 million bond default

The board of directors of Geregu Power Plc, a leading electricity producer formerly controlled by Nigerian billionaire Femi Otedola and now chaired by Nigerian politician, senator, and former governor Abdulaziz Yari, has appointed Engr. Mohammed Sani Jaoji as acting chief executive officer weeks after the Nigerian electricity producer defaulted on a $29.4 million bond payment.

Jaoji brings 30 years of power experience

Jaoji’s appointment took effect Aug. 17 and is subject to approval by the Nigerian Electricity Regulatory Commission. He replaces Sean Manley, whose term as interim chief executive officer ended Aug. 14 and was not renewed. The board thanked Manley for his service and contributions to the company and said Jaoji would lead the business while it searches for a substantive chief executive. The appointment comes at a difficult point for Geregu, which is dealing with a sharp decline in revenue and profit as well as missed payments on its debt.

Jaoji brings more than 30 years of experience in Nigeria’s power industry. He earned a bachelor’s degree in mechanical engineering from Ahmadu Bello University in Zaria and is a registered member of the Council for the Regulation of Engineering in Nigeria. His career includes technical and management roles at the former National Electric Power Authority, as well as a long stint at Geregu Power. 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. He later returned to Geregu Power.

Geregu misses bond payments

The leadership change follows Geregu’s failure to make payments due on its N40.09 billion ($29.4 million) Series 1 senior unsecured bond. The company missed its eighth semiannual coupon payment as well as the scheduled fourth principal bullet repayment. Geregu issued the bond July 28, 2022, at a fixed interest rate of 14.5 percent under its N100 billion ($73.4 million) debt issuance program. The bond has a seven-year term, with coupon payments made twice a year and principal repayments scheduled through its July 28, 2029, maturity.

The missed payment came nearly three years before the bond’s maturity, putting added pressure on the company to address its debt obligations as its financial performance has weakened. Geregu’s latest results show the extent of the decline. For the six months ended June 30, 2026, profit after tax fell 88 percent to N2.54 billion ($1.9 million), from N20.27 billion ($14.9 million) a year earlier. Revenue dropped 78.7 percent to N18.65 billion ($13.7 million), from N87.63 billion ($64.3 million) in the first half of 2025.

The second quarter was even weaker. Geregu reported turnover of just N419.1 million ($308,000), compared with N55.87 billion ($41 million) in the same period last year. The sharp drop came after Geregu had set much higher targets for the start of 2026. The company had forecast first-quarter revenue of N57.11 billion ($41.9 million), compared with N31.75 billion ($23.3 million in the first quarter of 2025. It also projected first-quarter profit after tax of N12.02 billion ($8.81 million), up from N10.43 billion ($7.65 million) a year earlier.