Yari Advances Funds to Settle Geregu Bond Obligation, Seeks Reimbursement
Geregu Power Plc Chairman, Senator Abdul’aziz Yari, says he has personally advanced funds to settle the company’s outstanding bond obligation after concerns from bondholders and investors. Yari said the payment should not be seen as an admission of personal liability or an indication that the current board and management caused the problem. According to him, the bond was issued in 2022 under the company’s previous ownership and management. He said discussions are ongoing with former owner Femi Otedola and the previous management on how the obligation arose and how the funds advanced by him should be reimbursed. Yari added that the company remains committed to meeting its obligations and protecting investor confidence.
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