Former Geregu Power Plc Chairman, Femi Otedola, has met with the company’s new Chairman, Senator Abdulaziz Yari, in Monaco, as questions continue to be asked over the role of the Securities and Exchange Commission (SEC) which has remained silent throughout the company’s bond default crisis.

The development came just days after Yari personally provided about N6 billion to settle the power generation company’s outstanding bond obligation.

Otedola disclosed the meeting yesterday in a post on his Instagram page, posting glowing pictures of both current and former chairs of the power company.

“Such a lovely afternoon today, 23 August 2026, with His Excellency Senator AbdulAzeez Yari at Hotel de Paris in Monaco, Southern France Congratulations on your appointment as DG of the Presidential Campaign Council,” he wrote.

The meeting is significant coming against the backdrop of the default over Geregu’s N40.09 billion Series 1 Senior Unsecured Bond, after the company failed to meet a scheduled repayment of about N6 billion due on July 28, 2026.

Geregu officials said that the N40 billion which was saved in a bank account was nowhere to be found after the takeover. Market analysts have accused Otedola of using the funds to acquire shares of First Bank whose share price has increased from N21.70 as at December 31st 2024 to a staggering N129.95 as at close of trading last Friday. A whopping 500 per cent without any key market fundamentals driving it and despite the Central Bank of Nigeria (CBN) banning them from paying dividends. For context the bank closed December 31,2025 at N47.90

The sharp appreciation in FBN Holdings’ share price has also raised concerns among market participants over whether proceeds from the disposal of Geregu shares may have contributed to the buying pressure around the financial services group. The concern is heightened by the close association between the two companies through Otedola, whose influence spans both investments.

But comparatively, while the share price of FBNHoldco surged by 500% between January 31, 2024 when Otedola took over as chair, and last Friday, August 21, 2026, that of Zenith rose by 247 per cent (from N35.10 to N122.00).

Besides, GTCO shares appreciated by 209 per cent within the same period from N41,00 to N127.00, while UBA’s grew by 50 per cent from N29.90 to N45.10, just as Access Bank which like FBNHoldco did not pay dividend recorded a marginal growth of 18.9 per cent from N22.70 to N27.00. However, all these banks paid dividends except FBN Holdco and Access Holdco

Zenith Bank paid a total dividend of N10 for 2025 financial year after its share price rose from N35.10 to N122.00, GTCo paid a dividend of N12 per share and its price increased from N41.00 to N127.00. This then raises fresh posers over why FBNHoldco that witnessed a price surge from N21.70 to N129.95 despite not paying any dividend.

The Geregu case has also shifted focus to the role of the SEC in the unfolding scenario. What has it done to investigate and disclose the Geregu default?

Was there fraud at the power company, especially considering the fact that the funds that were sitting pretty in the company’s account had disappeared at the point of takeover?

What is the nexus between the missing N40 billion and the recently elevated FBNHoldco share price? Who are the beneficiaries? How much taxes were paid in the $750 million Geregu transaction?

Will the move to settle the matter amicably in Monaco coverup the fundamental questions around the Nigerian Exchange? What guardrails are in place to protect global investors?

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The meeting, however, comes at a time when the N6 billion intervention by Yari has brought the immediate bond crisis under temporary control, even as questions over the negligence of the CBN and the SEC continue.

Observers have called out the SEC on its role or the lack of it in the ongoing crisis, asking questions about when the regulator is going to issue a public statement on what transpired, amid bond holders’ apprehension and alleged diversion of monies belonging to the company.

But when THISDAY contacted the SEC, a reliable source who pleaded anonymity simply said: “ There’s no problem. We are investigating it and having discussions.”

Besides, THISDAY reached out to Geregu Power on the state of affairs in the firm and whether the company has now become bankrupt and unable to pay its debt.

“We are not bankrupt and can never be bankrupt. It’s the old management led by Femi Otedola and Akin Akinfemiwa who was then the CEO of Geregu Power (who is now a Director of First Bank), that were trying to mess things up with the bond obligation they failed to fulfill. In spite of that, the chairman (Yari) stepped in after friends intervened for him to stem the tide.

“Despite that, the former leadership will be made to account for the funds ultimately. They can’t get away with it. But we are not bankrupt,” the official with knowledge of the goings-on within Geregu told THISDAY.

Yari, who emerged chairman after MA’AM Energy Limited acquired control of Geregu in December 2025, had blamed the company’s former majority owner and chairman, Otedola, and former Chief Executive Officer, Akin Akinfemiwa, for the circumstances surrounding the default.

The new management had raised questions over the utilisation of funds expected to have been available to meet the bond obligation. The bond was issued in July 2022 under a N100 billion multi issuance programme, with a seven year tenor and a 14.5 per cent coupon.

The default involved the eighth coupon payment and fourth scheduled principal repayment, with about N6 billion falling due. Yari subsequently indicated that he personally provided the funds used to settle the obligation, effectively shielding the company and its investors from a prolonged default.

The intervention came after Agusto & Co withdrew the A rating assigned to Geregu and its bond following the default, citing concerns surrounding the company’s financial information and the need for independent verification.

The bond episode has also exposed questions around the transition between the former and current ownership of Geregu. Otedola sold his controlling interest in the company for about $750 million in December 2025, transferring control to the new owners and ushering in Yari as chairman.

Yari had subsequently assured investors that the company would honour its obligations, while the current management moved to address the financial and governance issues inherited from the previous administration.

The crisis also preceded the appointment of Mohammed Jaoji as Acting Chief Executive Officer of Geregu, effective August 17, subject to approval by the Nigerian Electricity Regulatory Commission (NERC).

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However, pictures posted by Otedola after the Monaco meeting yesterday presented a strikingly cordial public picture, given the recent recriminations over the bond default.

The photograph shared by Otedola and his accompanying message suggested a relaxed and friendly encounter, with the billionaire describing the afternoon as “lovely”. (This Day)

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