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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.
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- Geregu Power pays N6 billion owed investors on N40.09 billion bond nairametrics.com
