Billionaires.Africa·4 min read·hard
Abdulaziz Yari's Geregu Power defaults on N40 billion bond
A
Adedotun Elijah Oyeniyi
✦AI Summary
Geregu Power Plc has defaulted on a ₦40 billion bond following a debt-financed takeover by MA'AM Energy Limited. The company cited a costly turbine overhaul and significantly lower-than-projected revenue as primary reasons for the financial shortfall.
Geregu Power Plc has defaulted on the ₦40.09 billion bond it issued four years ago, missing both a coupon payment and a scheduled principal repayment eight months after Senator Abdulaziz Yari's MA'AM Energy Limited bought control of the company in a $750 million debt-financed takeover.
businesseconomy
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