Nigeria’s most closely watched power stock just changed leadership for the second time in six months, and the timing could not be more significant.
Geregu Power Plc named Engr. Mohammed Sani Jaoji as its acting chief executive on August 17, 2026, replacing interim CEO Sean Manley. The board chose not to renew Manley’s term, which ended on August 14, the company disclosed in a regulatory filing with the Nigerian Exchange Limited.
If you own Geregu shares or have watched the stock slide from ₦1,141.50 to ₦825.70 this year, this shift adds yet another variable to an already loaded situation.
Geregu Power names an engineer with three decades in Nigeria’s power sector
Jaoji brings more than 30 years of experience in power generation, with technical and management roles at NEPA and Geregu Power, the company confirmed in its NGX filing. He served as head of maintenance planning and performance at Geregu from 2007 to 2019, giving him direct operational knowledge of the 435-megawatt gas-fired plant in Ajaokuta, Kogi State.
Between 2019 and 2023, Jaoji worked as technical assistant to the Minister of Power before returning to the company. He holds a Bachelor of Engineering degree in mechanical engineering from Ahmadu Bello University, Zaria, and is a registered member of COREN, the filing stated. The board expressed confidence that his appointment would strengthen governance while the search for a permanent chief executive continues.
Sean Manley’s six-month tenure ends as Geregu’s ownership transition deepens
Manley, a former Siemens Energy project director, joined Geregu as interim CEO on February 2, 2026, shortly after MA’AM Energy Limited acquired a 95% stake in Amperion Power Distribution Company from Femi Otedola in a $750 million transaction, BusinessDay reported. His departure means Geregu has operated under multiple chief executive arrangements since the ownership change in December 2025.
Olatunde Amolegbe, chief executive of Arthur Stevens Asset Management, cautioned against reading the sell-off as a total abandonment of the stock. He described the situation facing Geregu and other listed power stocks as a “liquidity and price-discovery issue” rather than a fundamental loss of confidence, noting that energy stocks on the NGX have limited market depth compared with banking counters.
“In an illiquid counter, sellers may be reluctant to lower their asking prices while buyers wait for more attractive valuations,” Amolegbe told The Guardian.
Geregu Power faces an 88% profit collapse and a historic bond default
Revenue fell 78.71% year-on-year to ₦18.66 billion in the first half of 2026, while profit after tax dropped 88% to ₦2.51 billion, the Tribune reported. Second-quarter revenue collapsed to just ₦419 million from ₦55.87 billion in the same period of 2025, the report noted.
Geregu attributed the decline to a ₦61.47 billion turbine maintenance program that took generating capacity offline. The cash squeeze led the company to miss both its eighth coupon payment and fourth principal repayment on a ₦40.09 billion bond, triggering Nigeria’s first major corporate bond default in seven years, Nairametrics reported. The stock has shed roughly ₦789.5 billion in market capitalization year-to-date, falling from ₦2.854 trillion to ₦2.064 trillion at its current price of ₦825.70, BusinessDay reported.
What Geregu Power’s acting CEO appointment signals for investors
The shift from interim to acting chief executive does not resolve the structural uncertainty over the company. Geregu still needs NERC approval for Jaoji, and the board has made it clear that the search for a permanent CEO continues.
GCR Ratings affirmed Geregu’s national-scale long-term issuer rating at A(NG) with a stable outlook, expressing confidence that revenue would recover once turbine maintenance concludes, the Tribune reported. Agusto & Co, however, withdrew its A-/A1 ratings entirely after the bond default, citing missed payments and questions about the reliability of financial data, RioTimesOnline reported.
Key developments at Geregu Power in 2026
- MA’AM Energy acquired majority control from Femi Otedola in a $750 million deal finalized in December 2025, BusinessDay reported.
- Sean Manley served as interim CEO from February 2 to August 14, 2026, before the board chose not to renew his term.
- First-half 2026 revenue fell 78.71% to ₦18.66 billion, while profit dropped 88% to ₦2.51 billion, the Tribune reported.
- Geregu defaulted on its ₦40.09 billion bond, marking Nigeria’s first corporate bond default in seven years, Nairametrics reported.
- The stock has fallen 27.67% year-to-date, shedding roughly ₦789.5 billion in market capitalization, BusinessDay reported.
