By: Billionaires Africa

A civil society organisation has accused Abdulaziz Yari, the former Zamfara State governor who became chairman of Geregu Power Plc in December 2025 after acquiring the company for N1.08 trillion ($793 million), of undermining the federal government's efforts to maximise revenue from Nigeria's solid minerals sector through illegal mining activities, as the Economic and Financial Crimes Commission intensifies its crackdown on illicit gold movement through Nigeria's airports.

The Coalition for Accountability and National Development, known as CAND, made the allegation on June 14, 2026, in a statement signed by its national coordinator Ibrahim Musa, issued in reaction to the EFCC's interception of gold valued at approximately N4 billion ($2.94 million) in a separate enforcement action. The group described the gold seizures as evidence of the scale of revenue loss Nigeria has suffered from illegal mining activities and accused Yari of being connected to those activities.

"We commend the EFCC and other security agencies for their vigilance and commitment in tackling illegal mining activities across the country," the group said. "We are happy that the reported interception of gold worth about N4 billion allegedly linked to Yari demonstrates the scale of revenue loss the nation has been suffering due to illicit operations in the mining sector."

Yari has not publicly responded to the CAND allegations. The EFCC has not formally named Yari as a suspect in the gold seizure operations.

The EFCC gold seizure that triggered the CAND statement occurred on June 11, 2026, when operatives of the commission's Kano Zonal Directorate arrested a Nigerian Airspace Management Authority security officer identified as Anas Baffa at Kano's Mallam Aminu Kano International Airport. Baffa allegedly concealed 22.2 kilograms of unprocessed gold bars valued at over N4.4 billion ($3.23 million) inside his trousers in an attempt to evade airport security screening before handing the consignment to passengers travelling abroad for illegal export. The EFCC said the operation was conducted in line with a directive from EFCC Chairman ordering all zonal commands to intensify monitoring of airport activities linked to economic crimes.

Yari's emergence as chairman of Geregu Power followed a significant ownership restructuring at Nigeria's largest power-generating company. On December 29, 2025, the Nigerian Exchange Group confirmed that MA'AM Energy Limited had acquired a 95 percent equity interest in Amperion Power Distribution Company Limited, Geregu Power's controlling vehicle, becoming the new ultimate beneficial owner of the company. The transaction valued Femi Otedola's majority stake at N1.08 trillion, financed by a consortium of banks led by Zenith Bank Plc.

Following the change in beneficial ownership, Geregu Power's board approved a complete overhaul of its leadership. Otedola resigned as chairman alongside the entire executive leadership team including chief executive Akin Akinfemiwa and deputy chief executive Julius Omodayo-Owotuga. Yari was appointed chairman with immediate effect on December 29. The company said his appointment reflects a career spanning education, politics and public administration, including service in the National Assembly.

Yari, born on September 28, 1968 in Talata Mafara, Zamfara State, served as governor of Zamfara State from April 2011 to May 2019, a two-term tenure during which he was unanimously elected chairman of the National Governors' Forum. He currently serves as Senator representing Zamfara West in the 10th National Assembly and chairs the Senate Committee on Water Resources.

His appointment has generated public controversy beyond the CAND allegations. Earlier in January 2026, another northern advocacy group, Mai Kare Talakawa, based largely in Sokoto, had rejected celebrations over the appointment, describing Yari's use of N1.08 trillion to acquire Geregu Power as "outlandish" and arguing the expenditure had no direct benefit for ordinary citizens in Zamfara State while the state continues to face security challenges linked to illegal mining. That group also questioned the source of Yari's wealth and noted that he faces ongoing proceedings at the EFCC, the Independent Corrupt Practices and Other Related Offences Commission and the Department of State Services.

Geregu Power Plc was founded by Femi Otedola in 2021 following its privatisation from the Transcorp Power generation portfolio. Otedola listed it on the Nigerian Exchange Group in October 2022 in what was the most successful IPO in NGX history at the time of listing.