Nigerian businessman and former governor Abdul-Aziz Abubakar Yari is taking charge of the next growth phase at Geregu Power Plc, moving swiftly as his company, MAAM Energy Ltd, alongside other minority shareholders, stands to receive a significant share of the N500 billion 351.3 million in power sector debt owed by the Federal Government.
Geregu Power positioned amid sector bonds
An analysis of power sector arrears and repayment instruments shows that Geregu Power, like other electricity generating companies Gencos, is part of a larger N4 trillion 2.81 billion debt. The Federal Government, through the Nigerian Bulk Electricity Trading NBET company, has launched a bond program to settle these obligations. NBET Finance Company Plc, backed by a sovereign guarantee, will issue bonds under this N4 trillion framework.
