WorldStage– Geregu Power Plc (GPP) has confirmed the payment of its 8th coupon and part principal repayment under its ₦40.085 billion Series 1 Fixed Rate Bond to bond trustees.
The disclosure, made via a corporate filing to the Nigerian Exchange Limited (NGX) on August 20, 2026, was signed by Company Secretary Whitada. The Structure HQ on behalf of the Board of Directors.
Key Highlights of the Disclosure
Debt Service Settlement: The company confirmed that all funds due for the 8th coupon payment and part principal repayment under the ₦40,085,000,000 Series 1 Fixed Rate Bond issue have been remitted to the Trustees.
Commitment to Governance: The Board reaffirmed its commitment to preserving shareholder value, maintaining transparency, and upholding high corporate governance standards.
Legacy Issues Address: GPP noted ongoing constructive engagement with relevant parties to resolve legacy matters pre-dating the current Board, emphasizing that this process will not affect the company’s ability to fulfill its ongoing financial commitments.
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Stakeholder Appreciation: The Board extended appreciation to Bondholders, the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX), and the Nigerian Electricity Regulatory Commission (NERC) for their continued engagement and understanding.
The payment follows recent scrutiny regarding scheduled debt obligations under the company’s multi-issuance bond programme. Issued under the leadership of Board Chairman Senator Abdul-aziz Abubakar Yari alongside its non-executive and independent directors, Geregu Power Plc reiterated its focus on full compliance with regulatory requirements and contractual obligations going forward.
It will be recalled that Geregu Power Plc defaulted on its debt obligations under its ₦40.09 billion Series 1 Senior Unsecured Bond on July 28, 2026.
The FMDQ Securities Exchange categorized the issue as a “credit default in the 8th coupon payment and 4th bullet principal repayment,” after the company missed a scheduled payment of approximately ₦6.03 billion. This marked the first major corporate bond default in Nigeria’s market in seven years.
Chairman Senator Abdul’aziz Abubakar Yari was said to have personally stepped in to provide the required funds to prevent further market fallout, stabilize share prices, and preserve the company’s standing in Nigeria’s energy sector.Yari stated that while his personal intervention cures the immediate default, discussions and engagements remain ongoing with the former management and board regarding reimbursement for obligations inherited from the 2022
