Geregu Power Plc has officially responded to investor and stakeholder concerns regarding its recent bond repayment default. The company missed its eighth semi-annual coupon and scheduled fourth principal repayment on its N40.09 billion Series 1 Senior Unsecured Bond.

This missed payment marks Nigeria's first corporate bond default in seven years. In a statement released on August 12, 2026, the power generation company stated that it remains actively engaged with relevant stakeholders and advisers to resolve the challenges.

The company emphasized its commitment to achieving an orderly and mutually beneficial outcome. Discussions and engagements are currently ongoing, and the board has assured the market that it will continue to act in good faith.

According to the statement, the current board and management have undertaken a comprehensive review and reconciliation of the company's transactions, liabilities, operational commitments, and financing arrangements. This process aims to ensure transparency, accuracy, and prudent financial management.

Geregu Power reassured its shareholders, investors, regulators, and the general public that it remains fully committed to its core task of generating power for its consumers. The company promised to provide the market with appropriate updates on material developments in line with regulatory requirements.