Bond Obligation: Geregu Begins Review, Assures Investors of Orderly Resolution – THISDAYLIVE

Emmanuel Addeh in Abuja

Geregu Power Plc has commenced a comprehensive review of its financial obligations and corporate records amid concerns over its bond repayment obligations, assuring shareholders, investors and regulators that it is committed to an orderly resolution of the issues.

In a statement issued in response to recent widespread publications concerning the company’s bond repayment obligations, the power generation company said its current board and management had undertaken a detailed review and reconciliation of its transactions, liabilities, operational commitments, financing arrangements and financial obligations.

Geregu Power Plc’s bond default emerged after the company failed to meet the eighth semi annual coupon payment and fourth scheduled bullet principal repayment on its N40.09 billion Series 1 Senior Unsecured Fixed Rate Bond.

The default came amid a sharp deterioration in Geregu’s financial performance in the first half of 2026. Revenue fell 78.7 per cent to N18.65 billion from N87.63 billion in the corresponding period of 2025, while profit after tax plunged about 88 per cent to N2.54 billion from N20.27 billion. The company has linked the operational setback to its N61.47 billion major turbine maintenance programme.

But in a statement, the company said the ongoing exercise also covered related corporate documentation and was aimed at ensuring “transparency, accuracy and prudent financial management.”

“Since assuming responsibility for the Company’s affairs, the current Board and Management have undertaken a comprehensive review and reconciliation of the Company’s transactions, liabilities, operational commitments, financing arrangements, financial obligations and related corporate documentation,” Geregu stated.

It added that the process was…