Geregu Power pays 8th coupon on N40.1bn bond
August 21, 2026 2:05 am
Geregu Power Plc has paid the eighth coupon and part of the principal due under its N40.085bn Series 1 Fixed Rate Bond.
The company disclosed the payment in a statement to the Nigerian Exchange Limited and the investing public on Thursday.
According to the company, the payment was made to the trustees of the bond, covering both the interest obligation and part repayment of the principal.
The bond was issued under Geregu Power’s Bond Issuance Programme and has a total value of N40.085bn.
The payment comes as the power company continues to meet its obligations to investors while addressing legacy matters that pre-date its current board.
Geregu said the outstanding legacy issues would not affect its ability to meet its financial obligations.
“The Board of Directors reaffirms its commitment to all stakeholders as part of its ongoing dedication to preserving shareholder value and upholding the highest standards of corporate governance,” the company said.
The company also thanked bondholders, the Securities and Exchange Commission, NGX and the Nigerian Electricity Regulatory Commission for their engagement as the matter was being resolved.
Geregu reaffirmed its commitment to complying fully with its obligations under the bond and applicable capital market rules.
Geregu Power Plc recently faced a brief credit default on its Series 1 Senior Unsecured Bond after missing an N6.03bn obligation for its 8th coupon and 4th principal repayment.
The FMDQ Securities Exchange flagged and updated the listing status of the Series 1 bond to “credit default”. Pan-African rating agency Agusto & Co. temporarily withdrew its ‘A-’ credit rating on the company, citing visibility issues over accounts prior to the intervention.
“The payment marks a step towards resolving Geregu Power’s debt-service obligations and easing concerns among bond investors,” said an emerging markets analyst, Ike Ibeabuchi.
“This provides some relief to investors, although questions remain about the company’s near-term debt-servicing capacity.”
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