The Board of Geregu Power Plc, has notified the Nigerian Exchange Limited (NGX) and the investing public of the appointment of Engr. Mohammed Sani Jaoji as the acting Chief Executive Officer effective August 17, 2026, subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).
Engr. Jaoji holds a Bachelor of Engineering degree in Mechanical Engineering from Ahmadu Bello University, Zaria, and is a registered member of the Council for the Regulation of Engineering in Nigeria (COREN).
He brings over three decades of experience in the power sector, spanning technical and leadership roles at the National Electric Power Authority (NEPA) and Geregu Power Plc, where he served as Head, Maintenance Planning and Performance between 2007 and 2019.
He subsequently served as Technical Assistant to the Honourable Minister of Power between 2019 and 2023, before returning to Geregu Power Plc.
“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. This appointment follows the non-renewal of the term of the Interim Chief Executive Officer, Mr. Sean Manley, which ended on August 14, 2026,” Geregu Power said in a disclosure made on the Nigerian Exchange Limited.
Geregu Debt Default and Revenue Collapse
FMDQ Securities Exchange last week updated the listing status of Geregu Power PLC’s ₦40.09 billion Series 1 Senior Unsecured Bond to reflect a credit default covering both its eighth semi-annual coupon obligation and its scheduled fourth principal bullet repayment.
The 7-year bond—issued on July 28, 2022, at a fixed rate of 14.50% under the company’s ₦100 billion debt issuance program—was designed with semi-annual coupon distributions and amortizing principal repayments leading up to a July 28, 2029 maturity.
The default designation on the exchange marked a notable escalation in debt service friction for one of Nigeria’s premier listed power generation companies.
The repayment delay follows a sharp slowdown in operational cash flows for the generating company during recent quarters.
For the first six months through June 2026, Geregu Power’s profit after tax (PAT) dipped by 88 percent to ₦2.54 billion from ₦20.27 billion as at June 2025.
Net profit margin reduced to 13.34 percent in the period under review from 23.23 percent the previous year.
The Nigerian electricity generating firm realised ₦18.65 billion in sales in the first six months of 2026, which is 78.71 percent lower than 2025’s ₦87.63 billion.
The revenue decline was most pronounced in the second quarter (April–June 2026), when the company generated just ₦419.1 million in turnover compared to ₦55.87 billion in Q2 2025.
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