Geregu Power Plc has appointed Engr. Mohammed Sani Jaoji as its Acting Chief Executive Officer, effective August 17, 2026, subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).The company disclosed the appointment in a notice filed with the Nigerian Exchange Limited (NGX) and made available to the investing public.
Jaoji, a mechanical engineer, holds a Bachelor of Engineering degree in Mechanical Engineering from Ahmadu Bello University, Zaria, and is a registered member of the Council for the Regulation of Engineering in Nigeria (COREN).
Solid Power Sector Experience
Engr. Mohammed Sani Jaoji brings more than three decades of experience in Nigeria’s power sector, spanning technical and leadership roles at the former National Electric Power Authority (NEPA) and Geregu Power.
At Geregu Power, Jaoji served as Head of Maintenance Planning and Performance from 2007 to 2019, giving him extensive experience in the company’s technical and operational activities. He subsequently served as Technical Assistant to the Minister of Power between 2019 and 2023, before returning to Geregu Power.
Geregu Power had appointed Manley, an executive associated with Siemens Energy, as interim CEO effective February 2, 2026, with a mandate that included supporting the company’s growth strategy.
Geregu Power’s Recent Challenges
Geregu Power Plc is currently facing a difficult period marked by a sharp deterioration in financial performance, a bond repayment default, pressure on its share price and significant changes in its executive leadership.
Geregu’s revenue fell 78.7% year-on-year to about N18.66 billion in H1 2026, from N87.63 billion a year earlier, while profit after tax plunged by about 88% to N2.51 billion. The decline was particularly severe in the second quarter, when revenue fell to N419.1 million from N55.87 billion in Q2 2025.
The company defaulted on the eighth coupon payment and fourth scheduled principal repayment of its N40.09 billion Series 1 Senior Unsecured Bond. FMDQ Securities Exchange subsequently classified the instrument as being in credit default while Agusto & Co. withdrew its A- rating on Geregu Power and the bond following the default, citing concerns over the reliability of information available for assessing the company’s creditworthiness.
