In a recent open letter to President Bola Ahmed Tinubu, former Senator Ben Murray-Bruce has called for a fundamental overhaul of Nigeria’s electricity sector. Describing the 2013 privatisation as a failure, Murray-Bruce argues that current Generation and Distribution companies lack the capital and operational capacity to sustain the grid. He highlights that over 5 million customers remain unmetered, with many distributors relying on estimated billing despite poor service delivery. He advocates for a decentralized power model, leveraging the 2023 Electricity Act, which allows states and local communities to manage their own power generation and distribution. Citing the success of Geometric Power in Aba, he urges the federal government to move away from centralized control and empower sub-national entities to drive investment and reliability in the sector.

Geregu Power Plc Chairman, Abdulaziz Yari, has personally covered a 40.09 billion naira bond default to protect the company’s reputation, despite the debt originating before his group, MA’AM Energy Limited, acquired control. The default on the Series 1 Senior Unsecured Bond, issued in 2022 under former management, resulted in missed coupon and principal payments. Yari clarified that his payment does not constitute a personal admission of liability and indicated he is pursuing reimbursement from the former owners. The company has since cured the default, and discussions regarding a final resolution are ongoing.

Geregu Power Plc Chairman, Abdul’aziz Yari, has personally funded the company’s N6.03 billion outstanding bond obligation to protect investors and maintain market confidence. The payment, which covers the eighth coupon and a portion of the principal on the firm’s N40.08 billion Series 1 Fixed Rate Bond, was officially confirmed to the Nigerian Exchange. Yari stated the intervention addresses legacy obligations from previous management and that discussions regarding reimbursement and resolution are ongoing. This move follows a period of market uncertainty after a technical default, which had previously led to the withdrawal of the company’s credit rating by Agusto & Co.

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.

Geregu Power Plc has appointed Mohammed Sani Jaoji as its Acting Chief Executive Officer, marking the company’s second leadership change in seven months. Jaoji, an engineer with over three decades of experience in the power sector, replaces Sean Manley, whose interim term concluded on August 14, 2026. The appointment is subject to approval by the Nigerian Electricity Regulatory Commission.

Geregu Power Plc has appointed Mohammed Sani Jaoji as its Acting Chief Executive Officer, effective August 17, 2026, subject to regulatory approval by the Nigerian Electricity Regulatory Commission (NERC). Jaoji, an industry veteran with over thirty years of experience, replaces Sean Manley, whose interim tenure expired on August 14, 2026.

This leadership change follows Geregu Power’s recent default on its 40.09 billion Naira Series 1 Senior Unsecured Bond, which led credit rating agency Agusto and Co to withdraw its A- rating. The company is currently navigating liquidity pressures amidst broader sectoral challenges, including significant outstanding receivables in the electricity market.

Geregu Power Plc has defaulted on its N40.09 billion bond after missing its eighth semi-annual coupon and fourth principal repayment. The FMDQ Securities Exchange has officially classified the bond as being in credit default. Reports indicate that N6.03 billion was due on July 28, 2026, but the payment failed because an escrow account intended to service the debt had been depleted under previous management. This default follows a turbulent year for the utility, marked by a change in ownership, a significant decline in revenue due to plant maintenance, and conflicting credit ratings. While Agusto & Co has withdrawn its rating, GCR Ratings maintains a stable outlook, anticipating a recovery once maintenance concludes and government sector arrears are settled.

The Nigerian Exchange (NGX) implements a revised pricing methodology effective Monday, August 17, 2026, introducing tiered minimum trading volume thresholds to improve price discovery. The new framework sets specific quantity requirements for stocks based on their share price: 10,000 units for stocks priced at N1,000 and above, 50,000 units for those between N500 and N999.99, and 100,000 units for stocks below N500. This shift significantly reduces the capital required to trigger price movements in premium-priced equities, potentially increasing volatility and liquidity for blue-chip stocks such as Seplat Energy, Airtel Africa, Dangote Cement, Geregu Power, and Nestlé Nigeria. Market analysts view the change as a positive step toward addressing historical liquidity constraints, though they caution that price manipulation risks persist for lower-priced counters.

Geregu Power Plc has defaulted on its N40.09 billion Series 1 bond, exposing significant liquidity challenges hidden behind years of strong revenue and accounting profits. Analysis reveals that the power generator consistently paid out dividends exceeding its free cash flow, while rising trade receivables from the Nigerian Bulk Electricity Trading Plc drained its cash reserves. The company’s aggressive dividend policy, coupled with a tight share structure and limited free float, left minority investors vulnerable as the firm struggled to reconcile reported earnings with actual cash generation.

Geregu Power Plc has defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, marking a significant corporate debt event. The default follows a sharp contraction in the company’s financial performance, with H1 2026 revenue plunging by nearly 79 percent to N18.66 billion and profit after tax falling by 87.65 percent. Despite these liquidity challenges, the company had previously committed to a N22.5 billion dividend payout for the 2025 financial year. The development has triggered intense market scrutiny regarding the company’s capital allocation and operational health.

Geregu Power Plc has defaulted on its 40.09 billion naira Series 1 Senior Unsecured Bond, failing to meet its eighth semi-annual coupon and the scheduled fourth principal repayment. This marks a significant event as Nigeria’s first major corporate bond default in seven years. Legal experts clarify that this default does not immediately imply insolvency, as the company’s status is governed by its trust deed, the Companies and Allied Matters Act, and the Investments and Securities Act. Bondholders, who hold unsecured debt, must now work through their trustees to determine whether to pursue debt acceleration, debt restructuring, or legal recovery options. The situation also raises potential cross-default risks for the company’s other financing facilities and underscores the importance of disclosure requirements for listed entities.

Geregu Power Plc has defaulted on its N40.09 billion Series 1 senior unsecured bond, marking the first corporate bond default in Nigeria’s capital market in seven years. FMDQ Securities Exchange flagged the default on the company’s eighth semi-annual coupon and fourth principal bullet repayment. Despite reporting N56.7 billion in cash and cash equivalents, the firm’s H1 2026 profit plummeted 88 percent to N2.5 billion, following a significant dividend payout of N22.5 billion earlier this year. This default has raised concerns regarding the company’s operational viability and potential fallout for other power sector issuers.

Geregu Power Plc has defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, missing its eighth semi-annual coupon payment and fourth principal repayment. The default, confirmed by FMDQ Securities Exchange, follows a significant deterioration in the company’s financial performance, including an 88 percent year-on-year drop in half-year profit after tax and a sharp decline in revenue. Management attributed the cash flow strain to an ongoing major turbine maintenance programme aimed at long-term capacity restoration. Despite a stable rating from GCR Ratings, the development has intensified investor concerns, compounding a 27.67 percent decline in the company’s share price since the beginning of the year. Bondholders are now awaiting updates on a potential remediation plan or grace period arrangements.