NDYC Seeks Clarification On Yari’s Alleged Acquisition Of Geregu Power

The Niger Delta Youth Congress (NDYC) has called on anti-corruption and security agencies to carry out what it described as a transparent and comprehensive review of reports relating to major business acquisitions and the financial interests of individuals currently serving in public office or those who have previously held public positions.

In a statement signed by its National Coordinator, Comrade Israel Uwejeyan, the group said questions surrounding the sources of funding for large-scale investments by politically exposed persons should be addressed through due process, stressing that transparency in such matters serves the public interest and strengthens confidence in institutions.

The organisation specifically referenced recent reports linking former Zamfara State governor and serving Senator, Abdul’Aziz Abubakar Yari, to the acquisition of a controlling stake in Geregu Power Plc through MA’AM Energy Limited, saying the development had attracted considerable public attention.

It noted that while legitimate business ventures should be encouraged, issues relating to wealth accumulation by public officials and former office holders often warrant clarification through established legal channels.

The group also pointed to recurring reports and allegations concerning illegal mining activities in Zamfara State and urged relevant institutions to establish the facts through lawful investigations, maintaining that allegations alone do not constitute proof.

According to the NDYC, agencies including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Department of State Services (DSS), Nigeria Financial Intelligence Unit (NFIU), Code of Conduct Bureau and relevant mining regulators should undertake a coordinated review of issues relating to financial interests, business acquisitions and associated corporate structures connected to the reports.

It said its call was intended to promote accountability and adherence to the rule of law, adding that any inquiry should be guided strictly by facts and evidence.

The group disclosed that it was finalising petitions to relevant authorities and gave the agencies a two-week window to commence what it described as a credible investigation.

It stated that should no concrete investigative action be initiated within that period, it would explore lawful legal remedies, including seeking judicial orders to compel the relevant agencies and the Federal Government to discharge their constitutional and statutory responsibilities.

NDYC expressed the view that addressing the issues raised would reinforce public confidence in anti-corruption institutions and demonstrate the government’s commitment to transparency and good governance.

The group stressed that a credible investigation, if undertaken, would help clarify the issues in the public domain and ensure that due process is upheld, regardless of the status of those involved.

“Recent reports concerning the acquisition of a controlling stake in Geregu Power Plc through MA’AM Energy Limited, reportedly associated with Senator Yari and members of his family, have raised significant public interest. The sheer scale of the transaction, reportedly valued at over one trillion naira, has naturally generated questions regarding the sources of financing and whether such wealth is consistent with publicly known records and assets declarations.

“Ordinarily, successful business ventures and investments should be celebrated as evidence of private-sector growth and economic participation. However, where questions arise concerning the origin of vast wealth accumulated by politically exposed persons, transparency ceases to be optional and becomes a matter of public interest.”