Geregu Power Pays 8th Coupon on N40.08 Billion Bond

Geregu Power Plc has confirmed the payment of the eighth coupon and part of the principal repayment due under its N40.08 billion Series 1 Fixed Rate Bond, days after concerns emerged over a default on the instrument.

The confirmation was contained in a corporate disclosure filed with the Nigerian Exchange Limited (NGX) on August 20, 2026, and signed by StructureHQ Limited, the company’s secretary.

The power generation company said the funds due to bondholders had been remitted to the designated trustees under its bond programme, fulfilling its obligations on the eighth coupon and part principal repayment.

Geregu reiterated its commitment to protecting shareholder value and maintaining strong corporate governance standards. It also said it was engaging relevant stakeholders to resolve legacy issues that predate the tenure of the current board, stressing that the matters would not affect its ability to meet future financial obligations.

The payment confirms an earlier Nairametrics report that Geregu had settled about N6.03 billion owed to investors, ending weeks of uncertainty surrounding the missed payment.

The default had raised concerns in the capital market over investor confidence in Nigeria’s corporate bond market.

Issued on July 28, 2022, under Geregu’s N100 billion multi-instrument issuance programme, the seven-year bond carries a fixed coupon rate of 14.5 percent and matures on July 28, 2029.