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 While Agusto & Co has withdrawn its rating, GCR Ratings maintains a stable outlook, anticipating a recovery once maintenance concludes and government sector arrears are settled.