Geregu Power Names Acting CEO Amid N40.09 Billion Bond Default

• Fails to renew term for erstwhile head appointed in January

Emmanuel Addeh in Abuja

Geregu Power Plc has appointed Mohammed Jaoji as its Acting Chief Executive Officer, effective August 17, 2026, as the power Generation Company (Genco) continues to navigate financial pressure following a default on its N40.09 billion Series 1 Senior Unsecured Bond.

The company disclosed the appointment in a notice to the Nigerian Exchange Limited (NGX) and the investing public yesterday, stating that it was still subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).

Jaoji succeeds Sean Manley, whose tenure as Interim Chief Executive Officer ended on August 14, 2026, after the company decided not to renew his appointment, a statement signed by the Company Secretary, Gbeminiyi Shoda stated.

The leadership change comes against the backdrop of Geregu Power’s recent default on its N40.09 billion bond, which was issued in July 2022 under the company’s N100 billion multi-issuance programme. The seven-year bond, which carries a 14.5 per cent coupon, is due in July 2029.

Besides, Agusto & Co had previously assigned an “A” rating to the bond, which was backed primarily by the company’s operating cash flows. The ratings agency has now withdrawn its assessment, saying it no longer has sufficient reliable information to maintain an opinion on the power producer’s creditworthiness.

The default has added to the financial challenges facing the company at a time when the power sector continues to contend with liquidity constraints, particularly delays and shortfalls in payments across the electricity market.

Against this backdrop, Geregu Power said the appointment of Jaoji would strengthen its governance structure and provide strategic direction pending the appointment of a substantive Chief Executive Officer.

According to the company, 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).

Jaoji, the company explained, has more than three decades of experience in Nigeria’s power sector, having held technical and leadership positions at the defunct National Electric Power Authority (NEPA) and Geregu Power.

At Geregu Power, he served as Head of Maintenance Planning and Performance between 2007 and 2019. He later served as Technical Assistant to the Minister of Power between 2019 and 2023 before returning to Geregu Power, the statement added.

The board expressed confidence that the new CEO’s experience would help strengthen the company’s operations and strategic direction during the transition.

It also thanked Manley for his contributions during his tenure and wished him success in his future endeavours.

Manley was appointed Interim Chief Executive Officer in January 2026, with his tenure commencing on February 2, 2026. The company had said at the time that he brought more than 30 years of experience in the power sector, including extensive experience with Siemens in thermal power generation and major infrastructure projects.

Geregu Power Plc plant operates with an installed generation capacity of 435 megawatts (MW). Located in Ajaokuta, Kogi State, Nigeria, the gas-fired plant was upgraded from its initial 414 MW capacity following an overhaul by Siemens AG.