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 Geregu Power pays N6…
Geregu Power Plc has recently settled a significant debt owed to investors on its N40.09 billion Series 1 Senior Unsecured Bond. The company paid a sum of N6 billion (N6,026,093,363.1) to resolve the controversy surrounding its default. This news, which has drawn attention from the capital market, comes after Geregu Power reassured stakeholders of its commitment to resolving the issue and maintaining the business.
The bond, issued on July 28, 2022, carries a 14.5 percent coupon and is set to mature on July 28, 2029. Despite the default, Geregu Power has continued to engage with stakeholders and is committed to achieving an orderly outcome. The company's revenue and earnings significantly dropped in the first half of 2026, with revenue falling 78.7% to N18.66 billion from N87.63 billion and profit after tax collapsing 87.6% to N2.50 billion from N20.28 billion.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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