By Udeme Akpan, Energy Editor
The development comes amid a sharp deterioration in Geregu Power’s revenue, profitability and operating cash flows, raising concerns over its immediate liquidity and debt-servicing capacity.
The default therefore occurred midway through the bond’s life, rather than at maturity.
Geregu Power’s financial performance deteriorated sharply in the first half of 2026, with profit after tax falling 88 per cent to N2.54 billion from N20.27 billion in the corresponding period of 2025.
Revenue plunged 78.71 per cent to N18.65 billion from N87.63 billion, while net profit margin contracted to 13.34 per cent from 23.23 per cent.
