N/Delta youths want acquisition of Geregu Power scrutinised by FG

The Niger Delta Youth Congress (NDYC) has urged Nigeria’s anti-corruption and regulatory agencies to conduct a review of reports surrounding major corporate acquisitions and the financial interests of politically exposed persons (PEPs), stressing the need for transparency to sustain investor confidence and public trust.

In a statement signed by Israel Uwejeyan, the national coordinator of NDYC, the group said it was necessary that large-scale investments involving individuals with current or previous public service backgrounds be subjected to appropriate regulatory scrutiny where questions arise over sources of funding, ownership structures and compliance with relevant laws.

The organisation cited alleged reports linking a former governor in Zamfara State and serving senator to the acquisition of a controlling interest in Geregu Power Plc, noting that the transaction had generated significant public interest due to its size and strategic importance within the power sector.

NDYC said while private-sector investments and successful business ventures remain critical to economic growth, transactions allegedly involving politically exposed persons require a high level of disclosure and regulatory oversight to ensure corporate governance standards are maintained.
The group also referenced concerns and allegations surrounding illegal mining activities in Zamfara State, urging relevant authorities to establish the facts through lawful investigations, while emphasising that allegations alone should not be treated as evidence of wrongdoing.

It urged 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 to undertake a coordinated review of the issues raised.

According to the group, such an exercise should focus on financial transparency, ownership structures, corporate relationships and compliance obligations associated with the reported transactions.
NDYC said it was finalising petitions to the relevant authorities and had given the agencies a two-week timeframe to commence what it described as a credible review process.

It added that failure to see concrete action within the period could lead it to pursue lawful legal options, including seeking judicial intervention to compel relevant institutions to carry out their statutory responsibilities.

The group maintained that its position was aimed at strengthening accountability rather than targeting individuals, arguing that credible investigations would help clarify issues in the public domain and reinforce confidence in Nigeria’s governance and regulatory institutions.

“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,” NDYC said.

“The scale of the transaction has naturally generated questions regarding financing sources and whether such wealth aligns with publicly available records and asset declarations. Where questions arise concerning the accumulation of significant wealth by politically exposed persons, transparency becomes a matter of public interest,” it added.