Geregu Power addresses concerns over bond repayment obligations

Geregu Power Plc has moved to reassure shareholders and investors amid concerns about its bond repayment obligations. The company stated it is undertaking a comprehensive review of its financial commitments and actively engaging with relevant parties to resolve outstanding challenges.

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Since assuming responsibility for the Company’s affairs, the current Board and Management have undertaken a comprehensive review and reconciliation of the Company’s transactions, liabilities, operational commitments, financing arrangements, financial obligations and related corporate documentation.

Recent online publications raised questions about Geregu Power's capacity to meet its bond repayment duties. In response, the company's Secretary, The Structure HQ, issued a statement detailing the current Board and Management's thorough review of transactions, liabilities, and financial obligations. This review aims to ensure transparency and prudent financial management.

Geregu Power acknowledged the concerns from shareholders, stakeholders, and regulators. It emphasized ongoing discussions and its commitment to reaching an orderly and mutually beneficial outcome. The company assured stakeholders that these issues would not distract from its primary mission of generating electricity.

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Discussions and engagements are ongoing, and the Company will continue to act in good faith in fulfilling its responsibilities.

The power generation company, a major player operating the Geregu power plant in Kogi State, reiterated its dedication to transparency, corporate governance, and constructive stakeholder engagement. It urged patience from shareholders and stakeholders as the resolution process continues, promising market updates on material developments.

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The Board and Management appreciate the patience, understanding, and continued support of all stakeholders during this period.