Geregu Power Plc has appointed Abdulaziz Yari as chairman of its board, following the resignation of Femi Otedola, who sold his majority stake in the company for N1.08 trillion.
The announcement came after the board meeting on Monday and was confirmed on the Nigerian Exchange (NGX).
Yari, a former governor and senator, assumes the role immediately, bringing experience from education, politics, and public administration. The board also added several independent non-executive directors, including Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji, each bringing expertise in finance, operations, power sector management, and law.
Otedola’s exit marks a significant ownership change in Geregu Power, with the transaction financed by a consortium of banks led by Zenith Bank Plc.
The board also accepted the resignation of other top executives, signaling a major reshuffle aimed at strengthening governance and operational oversight.
