Otedola Meets Geregu Chairman Yari in Monaco Amid N40 Billion Bond Default Concerns

Femi Otedola, the former chairman of Geregu Power Plc, met with the company's new chairman, Senator Abdulaziz Yari, in Monaco, as scrutiny intensifies over a significant bond default. The meeting occurred just days after Yari reportedly injected approximately N6 billion to cover the power generation company's overdue bond obligations.

Otedola shared images of the meeting on Instagram, congratulating Yari on his appointment as Director-General of the Presidential Campaign Council. This gathering takes place against the backdrop of Geregu's failure to repay its N40.09 billion Series 1 Senior Unsecured Bond, with a N6 billion installment due on July 28, 2026, remaining unpaid.

Officials from Geregu Power Plc claim the N40 billion, which was reportedly held in a bank account, has disappeared following a change in leadership. Market analysts are raising concerns that Otedola may have diverted these funds to purchase shares in First Bank. The bank's stock price has experienced a dramatic increase, soaring from N21.70 on December 31, 2024, to N129.95 by the close of trading last Friday, a rise of approximately 500% without clear market fundamentals to justify it, and despite the Central Bank of Nigeria's prohibition on dividend payments.

This sharp appreciation in FBN Holdings' share price has fueled speculation among market participants about whether proceeds from the disposal of Geregu shares contributed to the buying pressure. The close ties between the two companies, facilitated by Otedola's influence in both investments, heighten these concerns. While FBN Holdings' shares surged 500% between January 31, 2024, and August 21, 2026, other banks like Zenith saw a 247% increase, GTCO 209%, UBA 50%, and Access Bank a more modest 18.9% within the same period. Notably, Zenith and GTCO paid dividends, while FBN Holdings and Access Bank did not.

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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.