Geregu Power Pays ₦6 billion Owed Investors on ₦40 Billion Series 1 Bond

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Geregu Power Plc has paid the sum of N6 billion (N6,026,093,363.1) owed to investors on its N40.09 billion Series 1 Senior Unsecured Bond, ending the weeks of controversy over its default.

While the company has not officially announced this, sources close to the matter confirmed the development.

The default, which MoneyCentral first reported on August 8, had drawn criticism from across the capital market, with many analysts weighing implications for investor confidence in the corporate bond market.

The 7-year bond—issued on July 28, 2022, at a fixed rate of 14.50% under the company’s ₦100 billion debt issuance program—was designed with semi-annual coupon distributions and amortizing principal repayments leading up to a July 28, 2029 maturity.

Details later