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FMDQ Securities Exchange has updated the listing status of Geregu Power PLC’s ₦40.09 billion Series 1 Senior Unsecured Bond to reflect a credit default covering both its eighth semi-annual coupon obligation and its scheduled fourth principal bullet repayment.
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.
The default designation on the exchange marks a notable escalation in debt service friction for one of Nigeria’s premier listed power generation companies.
Corporate Cash Constraints & Sectoral Drivers
The repayment delay follows a sharp slowdown in operational cash flows for the generating company during recent quarters.
For the first six months through June 2026, Geregu Power’s profit after tax (PAT) dipped by 88 percent to ₦2.54 billion from ₦20.27 billion as at June 2025.
Net profit margin reduced to 13.34 percent in the period under review from 23.23 percent the previous year.
The Nigerian electricity generating firm realised ₦18.65 billion in sales in the first six months of 2026, which is 78.71 percent lower than 2025’s ₦87.63 billion.
The revenue decline was most pronounced in the second quarter (April–June 2026), when the company generated just ₦419.1 million in turnover compared to ₦55.87 billion in Q2 2025.
NBET Finance Company PLC — a special purpose vehicle created solely to clean up years of unpaid electricity bills —
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Read Full Article by Bala Augie at moneycentral.com.ng
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