Former Zamfara State Governor and serving APC Senator, Abdul’aziz Abubakar Yari, has been identified as the new owner of MA’AM Energy Ltd., the power-generating company that recently acquired Femi Otedola’s co-controlling shares in Geregu Power PLC.
Senator Yari currently represents Zamfara West in the National Assembly and previously governed Zamfara State for eight years. According to information available on its official website, MA’AM Energy is an Abuja-based integrated energy firm involved in electricity generation and supply, energy trading, and marketing.
Following the acquisition, Senator Yari has reportedly been named the new Chairman of Geregu Power PLC, succeeding Femi Otedola, who resigned from the company’s board earlier today. The development marks a significant shift in leadership and positions Yari as a key figure in Nigeria’s power sector.
Over the years, Senator Yari has been associated with significant wealth, with reports linking his financial success to his long political career and alleged private investments, including interests rumored in Zamfara’s gold mining industry. However, findings indicate that the acquisition of Geregu Power was not financed directly from his personal funds. The $760 million transaction was reportedly backed by loans secured from a consortium of Nigerian banks.
A major question now being raised is whether Senator Yari, known largely as a political heavyweight, possesses the corporate governance experience and technical expertise required to successfully oversee a publicly listed power-generating company of Geregu’s magnitude.
For now, industry stakeholders and Nigerians alike will be watching closely to see how this new leadership shapes the future of Geregu Power.
Congratulations have continued to pour in for Senator Abdul’aziz Yari and his team on what many describe as a major milestone..
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