Geregu Power Plc has moved to reassure stakeholders regarding its bond repayment obligations, stating it is reviewing financial commitments and remains committed.

Femi Otedola has divested his stake in Geregu Power, announcing his intention to invest in the upcoming Dangote Refinery IPO. He described the refinery project as transformative for Africa’s economy.

Investors in Geregu Power Plc are concerned after the company defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, missing a semi-annual coupon payment, amidst an 88% plunge in its earnings.

Geregu Power announced a significant N60.7 billion equity growth and a strategic reduction in company debt for the first quarter of 2026, indicating a strong financial start to the year.

Billionaire tycoon Femi Otedola stated that the proceeds from the sale of his Geregu Power Plant stake were invested in Dangote Refinery ahead of its planned public offering.