Geregu Power Plc has appointed Abdulaziz Yari as the new chairman of its board of directors following the resignation of Femi Otedola, who recently divested his majority stake in the power generation company.
The changes were disclosed in a filing on the Nigerian Exchange (NGX) and approved at the company’s board meeting held on Monday, following a change in the ultimate beneficial ownership of Geregu Power’s issued share capital.
Yari, a former governor and senator, assumes the role of board chairman with immediate effect. The company said his appointment reflects a career spanning education, politics and public administration, including service in the National Assembly.
In addition, the board approved the appointment of Abdulkadeer Njiddah as a non-executive director.
Geregu Power described Njiddah as an accountant and finance professional with experience across academia, public sector governance and the power sector.
Usman Mohammed was appointed as an independent non-executive director. The company said he is a chartered accountant with over 30 years’ experience, particularly in the power sector, covering utility reform, financial management and infrastructure delivery.
Also joining the board as an independent non-executive director is Mohammed Jaafaru, who currently serves as chief operations officer of Advance Link Petroleum Limited and has experience in operations, corporate governance and business process automation.
Neka Adogu was appointed as an independent non-executive director. Geregu Power said she is a financial services professional with over 22 years’ experience and has previously held senior leadership roles at Access Bank Plc.
The board further approved the appointment of Mahmud Magaji, SAN, as an independent non-executive director, describing him as a seasoned legal practitioner with experience across several areas of law and service on key judicial and professional bodies.
The board accepted the resignation of Femi Otedola as chairman, alongside Akin Akinfemiwa (chief executive officer), Julius Omodayo-Owotuga (deputy chief executive officer), Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Gbededo and Andrew Gamble, with immediate effect.
Earlier on Monday, the NGX announced that Otedola had sold his majority stake in Geregu Power Plc for about ₦1.08 trillion, in a transaction financed by a consortium of banks led by Zenith Bank Plc.