Geregu Power Plc has appointed Engr. Mohammed Sani Jaoji as its Acting Chief Executive Officer, as the power generation company seeks to strengthen leadership amid growing concerns over its bond default.
The appointment was disclosed in a statement signed by the Company Secretary, StructureHQ Limited, Gbeminiyi Shoda, on Monday.
According to the company, Jaoji’s appointment takes effect from August 17, 2026, subject to approval by the Nigerian Electricity Regulatory Commission (NERC).
This is the second time in seven months the company will be changing its CEO following the appointment of Sean Manley in January.
What they are saying
Geregu said the latest appointment follows the expiration and non-renewal of the tenure of Interim Chief Executive Officer, Sean Manley, whose term ended on August 14, 2026.
- “The Board of Geregu Power Plc hereby notifies 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),” the company stated.
The Board thanked Manley for his contributions during his tenure and wished him success in his future endeavours.
Industry veteran takes the helm
Jaoji brings more than three decades of experience in Nigeria’s power sector, having held various technical and leadership positions across the industry.
He previously served as Head of Maintenance Planning and Performance at Geregu Power between 2007 and 2019 before being appointed Technical Assistant to the Minister of Power, a role he held from 2019 to 2023.
He later returned to Geregu Power and now assumes leadership of the company at a critical period.
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).
The Board expressed confidence that his experience would strengthen the company’s governance framework and strategic direction pending the appointment of a substantive chief executive officer.
Get up to speed
The leadership change comes days after Geregu Power Power came under pressure following a default on it's N40.09Billiom series 1 senior unsecured Bond.
According to an updated listing status published by FMDQ Securities Exchange, the company missed both its eighth semi-annual coupon payment and its scheduled fourth principal repayment.
The seven-year bond, issued in July 2022 at a fixed coupon rate of 14.5% under Geregu’s N100 billion debt issuance programme, was structured with semi-annual interest payments and amortising principal repayments through its July 2029 maturity date.
The missed payment raised concerns about the company’s short-term liquidity position and debt-servicing capacity, particularly as its earnings and operating cash flows have weakened significantly.
What you should know
Following the default, credit rating agency Agusto & Co withdrew the “A-” rating previously assigned to Geregu Power and its N40.09 billion bond.
- In a statement issued on August 14, 2026, the agency said the withdrawal reflected both the default event and its inability to obtain sufficient reliable information to maintain a rating opinion on the company.
- The bond default has also triggered broader concerns about the financial position of Nigeria’s power generation companies, many of which continue to face significant receivables from the electricity market.
- Generating companies have reportedly accumulated about N6.5 trillion in outstanding debts owed by the federal government, further highlighting the liquidity pressures facing the sector.
Geregu Power, in a statement issued on August 1, said it was engaging relevant stakeholders, advisers and regulators to resolve the issues surrounding the bond obligations
