Geregu Power Plc has begun a comprehensive review of its financial obligations and corporate records after concerns emerged over missed payments under its bond programme.
The company said its board and management were examining liabilities, financing arrangements, operational commitments and other financial obligations to establish a clear picture of its position.
Geregu failed to meet a scheduled coupon payment and principal repayment on its N40.09 billion Series 1 Senior Unsecured Fixed Rate Bond.
The development came during a difficult financial period for the power producer.
Revenue for the first half of 2026 fell sharply compared with the corresponding period of 2025, while profit after tax also declined significantly.
The company has linked part of the operational pressure to a major turbine maintenance programme valued at more than N61 billion.
Geregu said it was actively engaging investors, regulators, advisers and other stakeholders in an effort to achieve an orderly resolution.
Management said the review was intended to improve transparency, accuracy and prudent financial management.
The company also sought to reassure the market that the process would not distract from its core responsibility of generating electricity.
Geregu pledged to continue providing material updates in line with regulatory requirements and said its board remained committed to responsible corporate governance.
The power producer thanked shareholders and other stakeholders for their patience while discussions on the outstanding obligations continue.
