Geregu Power Plc’s stock has hit a 52-week low on the Nigerian Exchange, marking a 27.67 percent year-to-date decline and wiping out approximately N789.5 billion in market value. This downturn follows the company’s default on its N40.09 billion Series 1 Senior Unsecured Bond—the first such corporate default in Nigeria in seven years. Consequently, Agusto and Company has withdrawn its A- credit rating, citing the default and the need for an independent forensic review of the company’s financial statements. Amidst this turmoil, Geregu has appointed Mohammed Sani Jaoji as acting Chief Executive Officer, following the departure of interim CEO Sean Manley. The company has stated it is actively engaged with stakeholders to resolve its debt obligations.