Northern group slams Yaris Geregu power appointment

• A northern group had rejected celebrations over Senator Abdulaziz Yari’s appointment as Geregu Power Plc board chairman
• Mai Kare Talakawa had questioned the source of Yari’s wealth and raised concerns about conflict of interest and insecurity in Zamfara State
• The group had said the reported acquisition of Geregu Power shares offered no direct benefit to ordinary citizens

Public debate has continued to trail the appointment of Senator Abdulaziz Yari as Chairman of the Board of Geregu Power Plc, with a northern advocacy group rejecting the celebration that followed the announcement.

The group, Mai Kare Talakawa, based largely in Sokoto, said it was not impressed by the development and would not join what it described as public praise of elite interests.

In a statement issued on Friday, January 16, and signed by its spokesperson, Mallam Yusuf Mohammed, the group said its position was guided by concern for ordinary citizens rather than personal loyalty to political figures

Questions over source of wealth

Mai Kare Talakawa raised concerns about the scale of Senator Yari’s wealth, especially given his public service background. The group noted that Zamfara State, which Yari once governed, remains one of the poorest states in the country.

According to the statement, apart from MA’AM Energy and mining activities he has been linked to, the former governor has no widely known business base that explains his financial capacity. The group said such wealth accumulation conflicted with moral and religious expectations.

“For just being a public officer from a poor state like Zamfara State, he was able to amass so much wealth for that kind of acquisition. But left our youth with no jobs for 8 years as Governor, thereby exposing the citizens of Zamfara State to poverty and youth restlessness which is the insecurity in Zamfara State today,” the group said.

Conflict of interest concerns raised

The group also questioned what it described as a conflict of interest, noting that Yari remains a serving senator with oversight responsibilities. Mohammed described the reported acquisition of controlling shares in Geregu Power as excessive and disconnected from the needs of citizens.

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“Senator Yari using over one trillion naira (N1tr) to buy Geregu Power shares has no direct benefit for the common people on the street of Zamfara, but will further impoverish the people and aggravate insecurity, due to ongoing activities of illegal miners,” the statement added.

Mai Kare Talakawa also referenced reports of investigations involving the senator by security and anti corruption agencies. The group said it expected accountability measures to lead to asset recovery rather than further high value acquisitions.

“When we thought his ongoing trials at the EFCC, ICPC and DSS would help the people recover the funds and assets linked to him as Governor, and help stop the activities of illegal miners… we read in the news again that the man who should be refunding some funds was buying a power plant with over one trillion naira,” the statement said.

The group urged Senator Yari and other northern leaders to reflect on growing poverty and insecurity in the region. It cited recent comments by Islamic scholar Sheikh Ahmad Abubakar Gumi on excessive spending while social problems worsen.

Geregu Power Plc, located in Ajaokuta, Kogi State, announced Yari’s appointment after the resignation of billionaire businessman Femi Otedola, as disclosed in a notice to the Nigerian Exchange.

Otedola sells majority stake in Geregu

We earlier reported that Otedola sold his majority stake in Geregu Plc to MA’AM Energy Ltd for N1.08 trillion in a transaction financed by a consortium of banks led by Zenith Bank Plc.

According to the disclosure on the NGX, the transaction does not involve a direct sale of his shares in the generation company, meaning Otedola retains a minority stake.

Otedola had a 95% stake in Amperion, which controlled Geregu through a 77% shareholding. The deal involved the sale of all of Otedola’s shares in Amperion to MA’AM.