Geregu Power Initiates Review Amid Bond Repayment Concerns

Geregu Power Plc has begun a comprehensive review of its financial obligations and corporate records due to concerns regarding its bond repayment obligations. The company failed to make the eighth semi-annual coupon payment and the fourth scheduled bullet principal repayment on its N40.09 billion Series 1 Senior Unsecured Fixed Rate Bond.

This default occurred alongside a significant decline in Geregu's financial performance in the first half of 2026, with revenue dropping 78.7% to N18.65 billion from N87.63 billion in the same period of 2025, and profit after tax plummeting about 88% to N2.54 billion from N20.27 billion. The operational challenges were linked to a N61.47 billion turbine maintenance program.

The company assured stakeholders that the review aims to ensure transparency and prudent financial management while continuing to engage with relevant parties to resolve the issues. Geregu emphasized that the financial review would not distract from its core business of power generation.