Geregu Power Plc Defaults On N40Bn Bond Payment
Geregu Power Plc has missed a scheduled payment on its N40.09 billion bond obligations, heightening investor concerns over the financial position of the power Generation Company (Genco), less than a year after the change of leadership at the organisation.
Specifically, the default, disclosed in an updated listing status by FMDQ Securities Exchange, occurred about eight months after billionaire businessman Femi Otedola exited the company in a landmark $750 million transaction that transferred his controlling interest to MA’AM Energy Limited in December 2025.
The bond, valued at N40.09 billion, was issued on July 28, 2022, under Geregu Power’s N100 billion debt issuance programme at a fixed coupon rate of 14.50 per cent.
Geregu Power’s profit after tax fell to N2.54 billion in the six months ended June 30, 2026, from N20.27 billion recorded in the corresponding period of 2025. Revenue also plunged to N18.65 billion from N87.63 billion a year earlier, representing a decline of 78.71 per cent.
Also, the Nigerian Electricity Regulatory Commission (NERC) yesterday announced the dissolution of the board of Kaduna Electricity Distribution Plc (KAEDC), citing prolonged financial and regulatory defaults totaling approximately N456.5 billion as of May 2026.
