Geregu Power Plc has defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, missing both its eighth semi-annual coupon obligation and its scheduled fourth principal bullet repayment, according to an updated listing status published by FMDQ Securities Exchange.
The default marks a notable escalation in debt service friction for one of Nigeria’s premier listed power generation companies, arriving as the firm’s operational cash flows have collapsed alongside a sharp deterioration in earnings.
The 7-year bond, issued on July 28, 2022, at a fixed rate of 14.50 percent under the company’s N100 billion debt issuance programme, was structured with semi-annual coupon distributions and amortising principal repayments running through to a July 28, 2029 maturity.
The missed payment therefore represents a breach midway through the bond’s life, rather than at maturity, raising fresh questions about Geregu Power’s near-term liquidity position.
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