Abdulaziz Yari: From N84 billion fraud probe to N1.08 trillion Geregu Power buyout

For Nigerian statesman Sen. Abdulaziz Yari, the acquisition of Geregu Power Plc marks a new chapter in a career spanning politics, public office and business. In December 2025, his Abuja-based MA’AM Energy paid N1.08 trillion ($793 million) for a 95 percent stake in Amperion Power Distribution Co., through which billionaire Femi Otedola indirectly controlled 77 percent of Geregu’s listed shares.

The transaction put Yari among the largest investors on the Nigerian Exchange and gave him control of one of Nigeria’s most closely followed listed power companies. It also came at a difficult time for Geregu, whose revenue and earnings had declined and whose missed debt payment had drawn the attention of investors and creditors.

Abdulaziz Yari’s path from teacher to power

Yari’s move into the corporate sector follows more than two decades in Nigerian politics. He started his working life as a teacher and entered politics in 1999 as secretary of the All Nigeria People’s Party. He later became chairman of the party in Zamfara state and then its national financial secretary.

His political career gathered pace in the years that followed. In 2007, he was elected to the House of Representatives, representing Anka and Talata Mafara. Four years later, he won the governorship of Zamfara state and was re-elected in 2015 under the All Progressives Congress. That same year, his fellow governors selected him to chair the Nigeria Governors’ Forum, giving him a prominent role in national political affairs.

After leaving the governor’s office, Yari won the Zamfara West senatorial seat in 2019. The election was later overturned by the Supreme Court over irregularities involving the party primaries. He returned to the Senate in a more prominent role in August 2023, when he was appointed chairman of the Senate Committee on Water Resources in the 10th Senate.

Alongside his political career, Yari pursued further education in public administration, finance and investment management. His qualifications include a master’s degree from the University of Salford and a certificate in leadership and change from the London School of Economics, in addition to his early Islamic and formal education.

Abdulaziz Yari’s finances drew EFCC scrutiny

His business interests and finances have also attracted scrutiny. On May 29, 2022, local reports revealed that the Economic and Financial Crimes Commission arrested Yari as part of an investigation into an N84 billion fraud case involving the then-suspended Accountant-General of the Federation, Ahmed Idris. Earlier reports in 2021 said Yari had been detained by the EFCC over alleged illegal financial dealings and misappropriation of funds.

The investigation covered several accounts and sums linked to Yari and companies associated with him. They included $56,056.75 reportedly held in an account at Polaris Bank, as well as N12.9 million, N11.2 million, $303 million, N217,388.04 and $311.8 million said to have been held in various Zenith Bank accounts belonging to Yari and his companies. At the exchange rates at the time, the amounts were reported to total about $614.9 million.

The legal scrutiny had started months before his arrest. In February 2021, Yari was questioned by EFCC officials in Lagos. On Jan. 26 of that year, the Federal High Court in Abuja ordered the final forfeiture of funds belonging to him held at Zenith and Polaris banks. The cases kept attention on Yari’s finances even as he remained an influential figure in Nigerian politics and business.

Yari faces fresh illegal mining claims

More recently, he faced fresh allegations over his business activities. On June 14, 2026, the Coalition for Accountability and National Development, known as CAND, accused Yari of undermining federal efforts to increase revenue from Nigeria’s solid minerals sector through alleged illegal mining activities. The accusation was contained in a statement signed by the group’s national coordinator, Ibrahim Musa.

CAND made the claim while responding to a separate EFCC enforcement action involving the interception of gold valued at about N4 billion ($2.94 million). The organization said the seizure highlighted the amount of revenue Nigeria could be losing to illegal mining and alleged that Yari was connected to the activity. The allegation was made by the civil society group and, based on the information available, does not establish that Yari committed the alleged offenses.

The allegations form part of the record surrounding Yari as he takes on a much larger role in Nigeria’s corporate sector. His acquisition of Amperion, completed on Dec. 29, 2025, gave him control of the company through which Otedola had held indirect control of 77 percent of Geregu’s listed shares. The N1.08 trillion transaction was financed by a bank consortium led by Zenith Bank, with Blackbirch Capital serving as financial adviser.

For Yari, the deal was not simply an investment in an unlisted holding company. It gave him control of a publicly traded power producer whose shares are among the more closely watched on the Nigerian Exchange. The timing has made the acquisition more complicated. Geregu entered the change in ownership with weaker revenue and earnings and a debt obligation that had not been paid when due. The company has since taken steps to settle one of its most immediate liabilities.

Geregu ends weeks-long bond default

Geregu recently paid N6 billion ($4.45 million) owed to bondholders, ending a weeks-long default on the obligation. The payment came shortly after Mohammed Sani Jaoji became acting chief executive officer on Aug. 17. He took over as the electricity producer dealt with falling revenue and a major ownership change. Although Geregu had not made a formal public announcement on the settlement, sources confirmed that the overdue obligation on its N40.09 billion ($29.7 million) Series 1 Senior Unsecured Bond had been cleared.

FMDQ Securities Exchange had previously flagged the bond for “credit default in the eighth coupon payment and fourth bullet principal repayment.” Its website continued to show the default status as of Thursday, although market participants expected the exchange to update the listing after the payment. For creditors, the N6 billion settlement removes an immediate payment concern. It also follows Agusto & Co.’s withdrawal of its A- rating on Geregu and the bond program, citing concerns about the company’s financial reporting.

Geregu’s board said it had carried out “a comprehensive review and reconciliation” of liabilities, operational contracts and debt arrangements. The company also said it remained in discussions with market regulators and financial advisers while focusing on the operation of the power plant. The bond was issued July 28, 2022, under a N100 billion ($74.1 million) debt program, carries an interest rate of 14.5 percent and matures in July 2029. 

Yari’s larger business role

Yari enters Geregu at a time when the company has several issues to address. The acquisition gives him control of a major Nigerian power business, but also puts him at the helm of a company facing weaker financial results, questions over financial reporting and the fallout from a recent debt default. It also changes the scale at which his business interests will be assessed.

For years, Yari’s public profile was defined largely by political office and, at various points, investigations into his finances. He now controls a significant listed power asset through a transaction valued at N1.08 trillion. That shift is likely to sharpen scrutiny of the relationship between his political career and private investments. His career has included roles as a party official, federal lawmaker, governor, chairman of the Nigeria Governors’ Forum and senator. He is now also a major corporate owner with control of Geregu Power.

The N1.08 trillion acquisition marks a significant expansion of Yari’s corporate footprint, but the size of the transaction does not eliminate the challenges facing Geregu. The company is dealing with lower revenue, weaker earnings, financial reporting concerns and the recent settlement of a N6 billion bond obligation.

For Yari, the more consequential test begins after the acquisition. The deal has given him a substantially larger presence in Nigeria’s capital markets and placed the performance of a major power producer on his corporate record. How Geregu manages its financial pressures, strengthens reporting and meets its obligations will help determine whether the acquisition becomes a defining success of Yari’s business career.