Geregu Power appoints Engr. Mohammed Sani Jaoji as Acting CEO amid N40bn bond default
Geregu Power Plc appointed Engr. Mohammed Sani Jaoji as Acting Chief Executive Officer effective August 17, 2026, subject to NERC approval, after the term of interim CEO Sean Manley ended August 14. Jaoji brings over three decades of power sector experience, including prior roles at Geregu and as Technical Assistant to the Minister of Power.
The leadership change comes as Geregu faces pressure from a default on its N40.09 billion Series 1 bond, missing both an interest payment and principal repayment. Credit agency Agusto & Co withdrew the company’s A- rating, citing the default and lack of reliable information. The default highlights broader liquidity challenges in Nigeria’s power sector, where generating companies are owed about N6.5 trillion by the federal government.
Jaoji’s appointment is intended to strengthen governance while the company works with stakeholders, advisers and regulators to resolve bond obligations. Investors should monitor NERC’s decision on the acting CEO appointment and watch for any updates on debt restructuring or government receivables, as these will affect the company’s short-term liquidity and ability to meet future bond payments.