Geregu Power Appoints Abdulaziz Yari as Chairman After Otedola’s Exit
- Geregu Power Plc appointed Abdulaziz Yari as chairman following Femi Otedola’s resignation
- The board changes were approved at a meeting held on Monday and disclosed on the NGX
- Several new non-executive and independent directors were appointed to the board
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Geregu Power Plc has announced the appointment of former Zamfara State governor and senator, Abdulaziz Yari, as the new chairman following the resignation of billionaire investor Femi Otedola.
Source: UGC
According to a disclosure filed on the Nigerian Exchange (NGX), the changes were approved at the company’s board meeting held on Monday and followed a change in the ultimate beneficial ownership of its issued share capital.
The company said Yari’s appointment takes effect immediately. It noted that the new chairman brings experience from a career spanning education, politics and public administration, including service in the National Assembly.
Geregu appoints Directors
In addition to Yari’s appointment, the shake-up cut across the company’s leadership structure. The board appointed Abdulkadeer Njiddah as a non-executive director.
Geregu Power described Njiddah as an accountant and finance professional with experience across academia, public sector governance and the power sector.
It also appointed Usman Mohammed as an independent non-executive director. The company said he is a chartered accountant with more than 30 years of experience, particularly in the power sector, with expertise in utility reform, financial management and infrastructure delivery.
Another independent non-executive director, Mohammed Jaafaru, joined the board. Geregu Power noted that Jaafaru currently serves as the chief operations officer of Advance Link Petroleum Limited and has experience in operations, corporate governance and business process automation.
Source: Twitter
Geregu appoints other non-executive directors
The board also approved the appointment of Neka Adogu as an independent non-executive director. According to the company, Adogu is a financial services professional with over 22 years of experience and has previously held senior leadership roles at Access Bank Plc.
Mahmud Magaji, a senior advocate of Nigeria (SAN), was also appointed as an independent non-executive director. The firm said Magaji is a legal practitioner with experience across several areas of law and has served on key judicial and professional bodies.
Meanwhile, the board accepted the resignation of Femi Otedola as chairman, alongside the chief executive officer, Akin Akinfemiwa; deputy chief executive officer, Julius Omodayo-Owotuga; Christopher Adeyemi; Olawunmi Otedola; Anil Dua; Doron Grupper; Paul Gbededo; and Andrew Gamble, with immediate effect.
Otedola sells majority stake in Geregu
Legit.ng earlier reported that Otedola sold his majority stake in Geregu Plc to MA’AM Energy Ltd for N1.08 trillion in a transaction financed by a consortium of banks led by Zenith Bank Plc.
According to the disclosure on the NGX, the transaction does not involve a direct sale of his shares in the generation company, meaning Otedola retains a minority stake.
Otedola had a 95% stake in Amperion, which controlled Geregu through a 77% shareholding. The deal involved the sale of all of Otedola’s shares in Amperion to MA’AM.
Source: Legit.ng
