Geregu Power Defaults on N40 Billion Bond Payment
Geregu Power Plc has missed a scheduled payment on its N40.09 billion bond obligations, raising concerns about its financial stability. This default was disclosed by FMDQ Securities Exchange and occurs approximately eight months after billionaire Femi Otedola exited the company, transferring control to MA’AM Energy Limited in December 2025.
The bond, issued on July 28, 2022, under a N100 billion debt issuance program, has a fixed coupon rate of 14.50% and is due for final maturity on July 28, 2029. The missed payments indicate a significant liquidity issue for Geregu Power, which has reported an 88% decline in profit after tax and a 79% fall in revenue in the first half of 2026.
Following Otedola's exit, Senator Abdulaziz Yari became chairman of the Geregu Power board, with new directors appointed. The acquisition was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital as the financial adviser.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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