FMDQ Securities Exchange has updated the listing status of Geregu Power PLC’s ₦40.09 billion Series 1 Senior Unsecured Bond to reflect a credit default covering both its eighth semi-annual coupon obligation and its scheduled fourth principal bullet repayment.
The 7-year bond—issued on July 28, 2022, at a fixed rate of 14.50% under the company’s ₦100 billion debt issuance program—was designed with semi-annual coupon distributions and amortizing principal repayments leading up to a July 28, 2029 maturity.
The default designation on the exchange marks a notable escalation in debt service friction for one of Nigeria’s premier listed power generation companies.
Corporate Cash Constraints & Sectoral Drivers
The repayment delay follows a sharp slowdown in operational cash flows for the generating company during recent quarters.
For the first six months through June 2026, Geregu Power’s profit after tax (PAT) dipped by 88 percent to ₦2.54 billion from ₦20.27 billion as at June 2025.
Net profit margin reduced to 13.34 percent in the period under review from 23.23 percent the previous year.
The Nigerian electricity generating firm realised ₦18.65 billion in sales in the first six months of 2026, which is 78.71 percent lower than 2025’s ₦87.63 billion.
The revenue decline was most pronounced in the second quarter (April–June 2026), when the company generated just ₦419.1 million in turnover compared to ₦55.87 billion in Q2 2025.
NBET Bond Programme Provides a ₦4 Trillion Lifeline for GenCos
NBET Finance Company PLC — a special purpose vehicle created solely to clean up years of unpaid electricity bills — opened book-building on August 3 for a ₦728.98 billion bond, split into a ₦400 billion cash tranche and a ₦328.98 billion non-cash tranche paid directly to generation companies (GenCos) in lieu of overdue invoices.
The government’s own verification exercise, after what the Finance Ministry’s office describes as line-by-line validation, cut the claimed exposure from north of ₦4 trillion down to roughly ₦3.3 trillion as a full-and-final settlement figure.
GenCos dispute that math. The Association of Power Generation Companies puts cumulative sector debt — including obligations to gas suppliers — at around ₦6.8 trillion as of March 2026, rising to roughly ₦7.66 trillion by June 2026, and has warned the figure could balloon to ₦17.1 trillion by 2033 if the structural drivers of non-payment aren’t fixed
This means that even a fully-drawn ₦4 trillion programme — its statutory ceiling — falls short of what GenCos say they’re owed.
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