BREAKING: Geregu Power pays N6 billion owed investors on N40.09 billion bond
Geregu Power Plc has paid the sum of N6 billion (N6,026,093,363.1) owed to investors on its N40.09 billion Series 1 Senior Unsecured Bond, ending the weeks of controversy over its default. While the company has not officially announced this, sources close to the matter confirmed the development to Nairametrics. The default, which Nairametrics first reported […] The post BREAKING: Geregu Power…
Geregu Power Plc has settled a debt of N6 billion to investors on its N40.09 billion Series 1 Senior Unsecured Bond, putting an end to weeks of controversy over a default. The default, initially reported by Nairametrics on August 9, raised concerns about investor confidence in the corporate bond market. Despite reassurances from the company's management about their commitment to the business, the FMDQ website still lists the bond's status as 'default' at the time of this report.
The N40.09 billion bond was issued in July 2022 as part of a N100 billion multi-instrument issuance program, bearing a 14.5 percent coupon and set to mature on July 28, 2029. Geregu Power, which was among five power generation companies that reached settlement agreements with Nigerian Bulk Electricity Trading Plc, reported a significant decline in revenue and earnings in the first half of 2026 due to major turbine maintenance.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
