Geregu Power Plc has announced the settlement of its outstanding bond obligations, with the company’s Chairman, Senator Abdul’aziz Abubakar Yari, assuring bondholders, shareholders and other stakeholders of the board’s commitment to meeting its financial responsibilities and protecting investor interests.
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Yari described the development as an important step towards strengthening investor confidence, preserving shareholder value and maintaining the company’s reputation for responsible corporate governance.
According to the chairman, the board remains fully committed to ensuring that Geregu Power meets its obligations to bondholders and trustees as they fall due.
“Our Board is fully committed to meeting Geregu’s financial obligations to its bondholders and trustees. I am pleased to confirm that payment has just been effected in line with our obligations,” Yari said.
He assured bondholders and shareholders that the board would continue to take necessary measures to protect their interests while maintaining high standards of transparency, accountability and corporate governance.
The company also disclosed that it was engaging relevant parties to resolve what it described as legacy administrative matters that predated the current board.
Geregu Power, however, maintained that those outstanding administrative issues would not affect its capacity to meet its financial obligations, including commitments to bondholders.
The company said it would provide formal confirmation of the bond settlement upon completion of the payment process and would continue to keep bondholders, trustees and other stakeholders informed of material developments affecting their interests.
Yari also reaffirmed the board’s support for the Federal Government’s Renewed Hope Agenda, particularly its efforts to reform and strengthen Nigeria’s power sector.
He said Geregu Power would continue to contribute to the country’s electricity supply through reliable and efficient power generation, stressing that strengthening the power sector remained critical to economic development.
The company said its focus remained on sustainable and efficient electricity generation as part of its contribution to Nigeria’s economic growth and development.
According to Geregu Power, the settlement of the bond obligations, alongside its efforts to address legacy administrative matters, underscores the board’s determination to maintain financial discipline, protect investors and ensure the company remains positioned to fulfil its obligations while contributing to the development of Nigeria’s electricity industry.
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