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Nigeria’s oil reserves no longer enough to win investors – PENGASSAN

PENGASSAN logoNigeria may possess one of Africa’s largest hydrocarbon endowments, but the Petroleum and Natural Gas Senior Staff Association of Nigeria has warned that the country can no longer rely on the sheer size of its oil and gas reserves to win the increasingly competitive battle for global investment capital.

PUNCH Online reports that Nigeria has about 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, making it one of Africa’s most resource-rich petroleum countries.

The union said Nigeria was competing with other oil-producing jurisdictions for a limited pool of global capital and must therefore offer investors competitive fiscal and commercial terms, improved security, predictable regulations and efficient project execution.

This was contained in a communiqué issued on Friday at the end of the three-day 5th PENGASSAN Energy and Labour Summit, held in Abuja from August 19 to 21, 2026.

The communiqué was jointly signed by the PENGASSAN President, Festus Osifo, and the General Secretary, Jerry Amah.

The summit, with the theme, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” brought together government officials, regulators, oil companies, investors, organised labour and other industry stakeholders.

It focused on the regulatory, commercial and labour conditions required to attract investment, raise production and sustain employment in Nigeria’s petroleum industry.

The union said, “The Summit recognised the direct relationship between regulatory certainty, investment, projects, production, government revenue and sustainable employment.

“Nigeria competes with other jurisdictions for finite global capital and cannot rely solely on the size of its hydrocarbon resources to attract investment. The country must offer competitive fiscal and commercial terms, security, predictable regulation and efficient project execution.”

PENGASSAN urged the Federal Government and petroleum regulators to consolidate recent reforms and incentives that had stimulated renewed investments and Final Investment Decisions, stressing that Nigeria must remain internationally competitive to attract long-term energy capital.

The warning comes as Nigeria continues efforts to reverse years of declining investment and production in its oil and gas sector. Although the Petroleum ndustry Act, signed into law in 2021, was expected to provide a clearer legal and commercial framework, industry stakeholders have continued to raise concerns about regulatory uncertainty, policy changes, approval delays, security challenges and the high cost of operating in the country.

PENGASSAN acknowledged the PIA as a major milestone but argued that the existence of legislation alone was insufficient to attract the long-term capital required for multi-billion-dollar petroleum projects.

“The long-term capital required for oil and gas development depends not only on the existence of laws and regulations, but on their predictability, durability, transparency and consistent application,” the union said.

It consequently called for greater stability in Nigeria’s fiscal and regulatory environment, urging government institutions to avoid abrupt policy changes and ensure adequate consultation with industry stakeholders before introducing major changes.

The union also demanded that the recent executive orders issued by President Bola Tinubu to improve investment conditions in the petroleum sector should be transmitted to the National Assembly as an executive bill to amend the PIA.

It said, “The recent ‘Executive orders’ issued by the President and Commander-in-Chief should be submitted to the National Assembly as an executive bill to amend the PIA. This should be transparently done, and all stakeholders in the industry must be carried along.”

The union argued that incorporating the reforms into the petroleum law would provide greater certainty and durability for investors whose projects often require billions of dollars and several years to develop.

PENGASSAN further urged the government to rehabilitate and expand critical energy infrastructure while addressing insecurity and other challenges that increase investment risks and operating costs.

It stated, “They should also prioritise the rehabilitation and development of critical energy infrastructure and address wider issues, including security and other factors that increase the risks and costs associated with investment.”

The union called for what it described as smarter and outcome-driven regulation, supported by digitalisation, clear timelines and faster approvals.

According to the communiqué, “Regulatory effectiveness should ultimately be measured by its ability to facilitate responsible investment, increase production, generate revenue, protect workers and create sustainable national value.”

The summit also welcomed the Nigerian Upstream Petroleum Regulatory Commission’s commitment to continually review its regulations and maintain transparent and time-bound licensing processes.

Beyond crude oil, PENGASSAN said Nigeria must urgently convert its vast gas reserves into industrial and economic value.

The union noted that Nigeria has more than 215 trillion cubic feet of proven gas reserves but continues to struggle with inadequate infrastructure, commercially sustainable pricing, bankable offtake arrangements and creditworthy customers.

It called for an integrated approach covering upstream gas supply, processing facilities, pipelines, storage and infrastructure for LNG, LPG and CNG.

The union also pushed for accelerated gas utilisation in power generation, manufacturing, transportation, fertiliser production, petrochemicals and domestic cooking, while reducing gas flaring and methane emissions.

On refining, the union urged sustained policies to expand domestic processing capacity and reduce the economic inefficiency of exporting crude oil while importing refined petroleum products.

It specifically stressed the need to protect investments in domestic refineries, including the Dangote Refinery and Waltersmith refinery, while encouraging greater value addition through petrochemicals and gas processing.

On the industry’s broader outlook, PENGASSAN said Nigeria’s fundamental problem was not a shortage of resources, laws or human capacity but the failure to convert these advantages into bankable projects and measurable outcomes.

“The Summit observed that Nigeria already possesses significant resources, laws, institutions, policies and human capacity. The critical challenge is the ability to convert these advantages into bankable projects and measurable outcomes,” it said.

It added, “Policies must translate into implementation; resources into projects; projects into production; production into value; and investment into sustainable jobs and national prosperity.”

PENGASSAN therefore called for stronger collaboration among the government, regulators, NNPC Limited, operators, investors, organised labour and host communities, insisting that Nigeria’s petroleum industry would ultimately be judged not by the quantity of hydrocarbons beneath the ground but by the value generated from them.

“The strength of Nigeria’s oil and gas industry will not be measured merely by the resources beneath the ground, but by the projects delivered, the value created, the Nigerian capabilities developed, the decent jobs sustained and the prosperity generated for the Nigerian people,” the union said.

It added, “The opportunity is enormous. The responsibility is shared. Execution must now be the priority.”

admin by — August 22, 2026 in Business 0
AIICO Insurance Plc Reaffirms Commitment To Due Process

AIICO Insurance Plc has dismissed as misleading some damaging allegations being circulated by Mr. Obinna Adolphus Nwosu, a former agent of the Company, to various stakeholders, including regulatory authorities, law enforcement Agencies, media organisations, bloggers, employees and other members of the public.

AIICO Insurance said Mr. Nwosu’s appointment as an agent of AIICO Insurance Plc was terminated and the termination of his appointment, the Company published a public notice in national newspapers on 26 June 2025, expressly warning customers and members of the public against continuing to transact or maintain any business relationship with him on behalf of, or in connection with, AIICO Insurance Plc.

Notwithstanding this, Mr. Nwosu has continued to circulate false and misleading narratives about the Company through various channels, including digital platforms and direct communications with stakeholders.

His persistent and increasingly aggressive efforts to disseminate these claims have the potential to cause unwarranted damage to the Company’s reputation and create unnecessary concern among its employees, customers and other stakeholders.

AIICO Insurance Plc wishes to state unequivocally that these allegations are false and should be treated with the utmost caution.

Rather than engage in a media exchange or submit to a trial in the court of public opinion, the Company has elected to pursue the matter through the appropriate legal channels and has consequently commenced a defamation action against Mr. Nwosu at the Lagos State High Court.

AIICO Insurance Plc said it will not be drawn into a public exchange with a former agent who has chosen to continue making unsubstantiated allegations while the matter is being pursued through the courts.

The Company said it remains confident that the facts will be properly examined and determined through the established judicial process.

It urged the media, regulators, employees, customers and the public to exercise due caution and discountenance the false and misleading narratives being circulated by Mr. Nwosu.

“Mr. Nwosu should make himself available to receive the relevant court processes and allow the matter to proceed in accordance with the law, rather than continuing to prosecute his claims through digital media and direct approaches to individuals within and outside the Company.

“Any genuine grievance or complaint should be presented through the appropriate regulatory, investigative or judicial channels, where it can be properly examined and determined based on verifiable facts and evidence.

“AIICO Insurance Plc remains committed to the highest standards of integrity, accountability and transparency. The Company will continue to pursue all lawful avenues available to protect its reputation, its employees, customers and other stakeholders, and to ensure that the matter is resolved through due process and in accordance with the law.” AIICO said in a statement.

admin by — August 22, 2026 in Business 0
Aig-Imoukhuede Credits Record NGX 57% Rally To Domestic Capital Support 

The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, has asserted that Nigeria’s equities market recorded a 57 per cent return in the first seven months of 2026, was driven predominantly by domestic capital.
Aig-Imoukhuede, who spoke at the H1 2026 Capital Market Review and Outlook for Second Half of the year on Friday said the performance of the Nigerian Exchange (NGX) reflected stronger domestic participation, improving macroeconomic conditions and rising investor confidence, rather than significant foreign capital inflows.
As of the end of July, the NGX All-Share Index had gained 57 per cent, while total market capitalisation increased by N58.9tn to N158.2tn.
 According to him, the performance placed Nigeria among the world’s strongest-performing equity markets in dollar terms, according to Bloomberg data.
He however, cautioned that the scale of the rally should prompt investors to assess whether the performance represented a sustainable structural recovery or a temporary market re-rating.
“These numbers are certainly worth celebrating,” he said, noting that the rally reflected a strengthening domestic capital base, improving macroeconomic stability and growing opportunities for long-term investors.
The Coronation Asset Management executive said the changing composition of market participation was one of the most significant features of the 2026 rally.
According to him, domestic investors have become the dominant force behind the market’s performance, even as foreign participation has declined.
By June 2026, foreign investors accounted for 12.1 per cent of total NGX transaction value, down from 27 per cent a year earlier.
Aig-Imoukhuede, however, said the decline in foreign participation should not be interpreted as a complete withdrawal of international investors from Nigeria.
He noted that the value of foreign investors’ portfolios increased modestly from N1.13tn to N1.16tn during the first half of the year, suggesting that the major shift was in the relative scale of domestic investment activity.
“What changed was the scale of domestic participation, which expanded at a far more significant pace of 129.1 per cent,” he said.
Foreign portfolio investors were also net sellers of Nigerian equities during the first six months of the year, despite the broader market rally.
Aig-Imoukhuede attributed part of the foreign investors’ positioning to the attractiveness of short-dated Nigerian government securities, which offered yields close to 20 per cent.
“From a pure risk-adjusted perspective, that allocation decision was understandable,” he said.
He identified domestic institutional investors, particularly pension funds, as important contributors to the equities rally following changes to investment thresholds by the National Pension Commission (PenCom).
The resurgence in domestic retail participation also contributed significantly to the market’s performance, reinforcing what he described as a structural shift in the investor base.
Aig-Imoukhuede rejected concerns that increased domestic participation represented a weakness for the market, arguing that a market supported by domestic savings could become more resilient over time.
“If anything, this is a sign of market maturity. Markets become more resilient when they are supported by savings rather than speculation,” he said.
Despite the strong performance, he acknowledged that the rally had been relatively narrow and that the market would need broader participation and stronger fundamentals to sustain the gains.
He said the key question for the second half of 2026 was therefore not whether the rally would simply continue, but whether Nigeria could attract a new wave of international capital.
According to him, the second half of the year could represent a potential re-entry window for foreign investors as conditions around market classification, foreign-exchange liquidity, reserves and corporate earnings continue to improve.
Aig-Imoukhuede said international index providers were increasingly paying attention to Nigeria’s market.
He noted that FTSE Russell was reviewing Nigeria’s position within its Frontier Market Index framework, while S&P Dow Jones Indices had placed Nigeria on a watchlist for possible reclassification from standalone to frontier-market status.
Although neither outcome was guaranteed, he said any change in Nigeria’s classification could have significant implications for international capital flows, particularly passive investment.
“Global capital follows confidence, but domestic capital trades on it,” he said.
He also pointed to improvements in Nigeria’s foreign-exchange market as a factor that could strengthen the investment case for foreign investors.
According to him, improved FX liquidity, a stronger naira and reserve accumulation supported by more sustainable sources of foreign-exchange inflows were important indicators of Nigeria’s external resilience.
He said foreign investors would be particularly interested in the sustainability of exchange-rate stability because currency risk remains a major consideration when assessing Nigerian assets.
Corporate earnings and ongoing economic reforms were also identified as potential catalysts for renewed foreign investment.
Aig-Imoukhuede said the banking sector’s recapitalisation cycle, stronger corporate performance and broader economic reforms were improving the long-term investment proposition for Nigeria within the frontier-market universe.
He said the market’s decline in June, which marked the first month of sequential decline during the period under review, should not necessarily be viewed as evidence of weakening investor confidence.
Rather, he attributed the decline largely to profit-taking by domestic investors following the exceptional gains recorded in the first half of the year.
“Domestic investors were prudently locking in gains after a historic first half,” he said.
Aig-Imoukhuede maintained that the structural case for foreign investors to return to Nigeria was stronger than it had been at the beginning of 2026, although he stressed that investors would become increasingly selective.
He said a market that had gained more than 55 per cent and experienced significant re-rating in several large-cap stocks was unlikely to continue rewarding indiscriminate investment.
He therefore urged institutional investors to focus on companies with strong earnings momentum, sound corporate governance, adequate liquidity and clear prospects of benefiting from renewed international participation.
Looking ahead, Aig-Imoukhuede outlined three broad principles for capital allocation during the remainder of the year, particularly as monetary policy remains relatively tight and investors reassess the attractiveness of fixed-income and equities markets.
With the Central Bank of Nigeria (CBN) expected to maintain its Monetary Policy Rate broadly around current levels, he said the short end of the yield curve could become increasingly crowded as investors continue to seek attractive risk-adjusted returns.
The CBN has maintained the MPR at 26.5 per cent for two consecutive meetings following a 50-basis-point reduction from 27 per cent in February.
Aig-Imoukhuede described the decision to maintain the rate as deliberate and data-dependent, rather than indecisive, citing global uncertainty, geopolitical tensions and volatility in domestic inflation.
Headline inflation stood at 15.43 per cent in July, although he noted that the decline in inflation had not been linear.
He stressed that food-price pressures remained influenced by structural factors such as supply-chain constraints, logistics, agricultural cycles and exchange-rate movements, which cannot be addressed solely through monetary policy.
“At Coronation Research, our base case remains that the MPR will broadly hold at current levels through year-end. We are not forecasting a dramatic policy pivot.
 We are forecasting disciplined, data-dependent stability,” he said.
According to him, monetary-policy stability may not generate significant headlines, but it creates an environment in which long-term capital can be deployed with greater confidence.
He also identified opportunities in quality credit, infrastructure debt and selected fixed-income instruments as investors consider extending duration in response to changing market conditions.
He said Coronation remained committed to infrastructure financing, particularly in the energy and transport sectors, where Nigeria’s long-term capital requirements remain substantial.
Beyond the equities market, Aig-Imoukhuede said Nigeria’s capital market had a broader responsibility to strengthen trust, transparency and institutional credibility.
He argued that attracting more capital would not be sufficient unless the market also developed institutions capable of providing the transparency, governance and investor protection required to retain that capital.
He said capital could enter and exit a market quickly, while investor trust takes years to build and can be lost in moments.
Aig-Imoukhuede described Nigeria’s capital market as being at an inflection point, with the first half of 2026 demonstrating the growing strength of domestic capital and the second half likely to test whether international investors are prepared to return.
He expressed optimism that Nigeria was better positioned than in previous years to attract both domestic and foreign investment, provided the country sustained reforms, strengthened market institutions and maintained macroeconomic stability.
“The opportunity before us is not simply to deliver market returns. It is to build a capital market that is deeper, more trusted, more liquid and more globally relevant,” he said.
He urged asset managers, market operators, regulators and other stakeholders to ensure that Nigeria’s market infrastructure and institutions were prepared to absorb renewed international investment.
“Our responsibility as firms and as an industry is to ensure that when capital chooses Nigeria, it finds institutions that are prepared, markets that are credible and opportunities that are compelling,” he said.

Aig-Imoukhuede’s comments come as Coronation continues to position itself around long-term capital allocation and investment opportunities in Nigeria and across Africa.

admin by — August 22, 2026 in Business 0
Osun election: Sowore attacks Davido over meeting with Wike

Popular Nigerian activist, Omoyele Sowore has criticised Afrobeats singer, David Adeleke, also known as Davido, over the latter’s recent outing with the Minister of the Federal Capital Territory, FCT, Nyesom Wike.

DAILY POST reports that the singer and his uncle, Governor Ademola Adeleke of Osun State, visited Wike at his residence in Abuja on Thursday.

In a 16-second video currently making the rounds on social media, Davido was captured having a light conversation with Wike about the outcome of Saturday’s governorship election in Osun State.

Reacting, Sowore described them as political hustlers, wondering why the singer was “genuflecting before Nyesom Wike” despite the killing of Osun residents during the election period.

In a post on his X handle, Sowore wrote:

“Nigerian political hustlers will deceive the public, and the gullible will swallow the deception whole.

“Here is the loud and lousy @davido genuflecting before Nyesom Wike @GovWike, barely a week after their ‘agreement is agreement’ election politics in Osun, a contest marred by deadly violence and the loss of scores of lives.

“Behind all the public grandstanding, insults, and manufactured outrage, these political actors know exactly where their interests converge.

“Dissemblers. Gerrymanderers. Carpetbaggers. Political hustlers. Lying machines. When their interests are at stake, the masks come off.”

There were reports that supporters of both the All Progressives Congress, APC, and the Accord Party were murdered before and during Saturday’s election.

admin by — August 21, 2026 in News 0
2027 polls: Ideyi emerges ADC candidate for Ebonyi South Senatorial zone

The opposition African Democratic Congress, ADC, Ebonyi State chapter, has held a fresh primary election for the Ebonyi South Senatorial District, with Dr Ideyi Prince Gamax emerging as the party’s candidate ahead of the 2027 general elections.

He stood as the sole aspirant in the primary, polling a total of 450 votes to emerge as the winner.

The Returning Officer and Deputy Chairman of the ADC in Ebonyi State, Dr Victor Uduma, who announced the result, stated that party members from the Ebonyi South Senatorial District participated in the primary.

Uduma said, “We had the only candidate here, Dr Ideyi Gamax, who had a total of 450 votes.

“Party members from Ebonyi South Senatorial District were particularly enthusiastic and happy and have given him the mandate to represent them in the forthcoming 2027 general election as the ADC candidate.”

Speaking after his emergence, Gamax explained that the substitution primary was conducted as part of the party’s administrative process following an earlier primary held on April 22, 2026, where he also emerged as the senatorial candidate.

Expressing confidence that the ADC would win the 2027 senatorial election in Ebonyi South, he said consultations across the district indicated that the people were eager for a change in representation.

Gamax said the people of Ebonyi South were looking towards the ADC as a vehicle for change and effective representation, as well as the delivery of the dividends of democracy.

“I am very hopeful. Our people are eager for change, and they are looking at ADC as a vehicle to bring about this change and give us the kind of representation that will benefit our people,” he said.

Dr Jennifer Adibe-Nwafor, the ADC state chairman, described the primary as peaceful and well monitored by security agencies, the media and officials of the Independent National Electoral Commission, INEC, in the state.

She explained that the substitution primary became necessary following an alteration in the party’s earlier process, adding that the national leadership directed the state chapter to conduct a substitution primary.

According to her, the exercise, held at the ADC state secretariat on Thursday, August 20, 2026, was the authentic substitution primary recognised by the state chapter and would be forwarded to the national leadership.

Adibe-Nwafor also dismissed reports of another ongoing primary, saying she was not aware of any parallel exercise.

“If there should be any primaries, I should be the one in charge of the primaries. I am not aware of any other primaries going on anywhere,” she said.

The ADC chairman further disclosed that the party would participate in the Ebonyi State local government elections scheduled for August 22, 2026.

She expressed optimism that the party would record a strong performance in the elections.

admin by — August 21, 2026 in News 0
Atiku not proposing return to old fuel subsidy racket – Aide

The African Democratic Congress, ADC, presidential candidate, Atiku Abubakar’s Senior Special Assistant on Public Communication, Phrank Shaibu has said the former vice president is not proposing a return to the old fuel import subsidy racket.

Shaibu explained that Atiku is proposing a targeted, capped and audited subsidy for domestic production.

In a Facebook live session, Atiku had pledged to restore the fuel subsidy regime if elected president in 2027.

Reacting, media personality, Rufai Oseni, wrote: “President Tinubu once fought against subsidy removal. He wrote an article calling it Jonathan’s tax.

“Today, he’s condemning Atiku for saying he will bring back subsidies.

“How is Atiku different from President Tinubu who fought and protested against subsidies?”

Providing further clarification, Atiku’s aide, Shaibu posted on X: “The issue isn’t simply ‘subsidy or no subsidy.’ It is what kind of subsidy, who benefits, and how it is administered.

“Atiku is not proposing a return to the old import-subsidy racket. He is proposing a targeted, capped and auditable subsidy for domestic production: supporting Nigerian refining, not foreign imports and middlemen.

“So the real debate should be:

“Do we subsidise imports and consumption, or strategically support Nigerian production and jobs? Those are two fundamentally different economic choices.”

admin by — August 21, 2026 in News 0
University don proffers solutions to gender-based violence

A Professor of Gender and Humanitarianism at the Centre for Gender and Humanitarianism and Development Studies, Redeemer’s University, Ede, Prof. Oluwatoyin Olatundun Ilesanmi, has proposed five priority solutions to address gender-based violence and complex humanitarian challenges in Nigeria.

Ilesanmi made the recommendations on Thursday while delivering the university’s 24th inaugural lecture titled, ‘Vulnerability, Voice and Valour: Navigating Transformative Frontiers in Gender, Humanitarianism, and Psychosocial Wellbeing’.

The professor called for a fundamental shift in Nigeria and Africa’s approach to crises, arguing that contemporary challenges require integrated responses covering gender, mental health, governance, security and community wellbeing.

She said the traditional approach of addressing humanitarian and psychosocial challenges in separate boxes was no longer effective, stressing the need for greater collaboration among relevant disciplines and institutions.

admin by — August 21, 2026 in News 0
‘I’m deeply saddened’ – Tambuwal mourns Sokoto boat mishap

Former Sokoto governor, Aminu Tambuwal has expressed his condolences to the families of victims of a boat mishap in Gorau community, Goronyo Local Government Area of the state.

In a statement posted on his verified X handle on Thursday, Tambuwal said he was deeply saddened by the tragic incident which claimed the lives of 41 people.

The National Inland Waterways Authority, NIWA, confirmed the rescue of 11 people so far after the incident.

The Sokoto South Senator applauded the rescuers and all those who participated in the emergency response for their efforts to save lives and provide assistance to the victims.

He urged the relevant authorities to urgently investigate the circumstances surrounding the incident and strengthen safety measures on the nation’s waterways to prevent a recurrence of such a tragedy.

“I am deeply saddened by the tragic boat mishap that occurred earlier today.

“I extend my heartfelt condolences to the families of the deceased, their loved ones, and the people of Gorau community and Goronyo Local Government Area over this devastating loss.

“The loss of so many lives in a single incident is deeply painful and heartbreaking. My thoughts and prayers are with all those affected by this tragedy.

“May Almighty Allah forgive the shortcomings of those who lost their lives, grant them Aljannatul Firdausi, and give their families the strength and fortitude to bear this irreparable loss,” he tweeted.

admin by — August 21, 2026 in News 0
2027: Police reads riot act to political parties ahead of campaigns in Taraba

The Taraba State Police Command has warned political parties, candidates and their supporters against violence, intimidation, hate speech and other electoral offences ahead of the commencement of electioneering campaigns in the state.

The warning was issued on Thursday during a stakeholders’ meeting with representatives of political parties at the command headquarters in Jalingo.

The meeting which the police said, is part of efforts to ensure a peaceful, hitch-free and violence-free electoral process, was chaired on behalf of the Commissioner of Police by the Deputy Commissioner of Police in charge of Operations, Umar Shehu Didango.

Didango urged political parties, candidates and their supporters to conduct their campaigns peacefully and in strict compliance with existing laws.

The police specifically warned that political thuggery, violence, hate speech, intimidation, destruction of campaign materials, possession of dangerous weapons, vote buying and other forms of electoral offences would not be tolerated.

The command stressed that while all political parties have equal rights to campaign, such rights must be exercised responsibly and without infringing on the rights, safety and freedoms of others.

The Deputy Commissioner further urged political parties to caution their supporters against provocative statements and actions capable of disrupting public peace.

He assured the stakeholders that the Police would remain professional, impartial and apolitical in the discharge of its constitutional responsibilities throughout the electoral process.

Didango also called on traditional and religious leaders, parents, community leaders and other stakeholders to support the Police in maintaining peace before, during and after the elections.

The command urged political actors and residents of Taraba State to play by the rules, shun violence and work collectively towards ensuring a peaceful, credible and orderly electoral process.

admin by — August 21, 2026 in News 0
Geregu Power pays 8th coupon on N40.1bn bond

Geregu Power PlcGeregu Power Plc has paid the eighth coupon and part of the principal due under its N40.085bn Series 1 Fixed Rate Bond.

The company disclosed the payment in a statement to the Nigerian Exchange Limited and the investing public on Thursday.

According to the company, the payment was made to the trustees of the bond, covering both the interest obligation and part repayment of the principal.

The bond was issued under Geregu Power’s Bond Issuance Programme and has a total value of N40.085bn

The payment comes as the power company continues to meet its obligations to investors while addressing legacy matters that pre-date its current board.

Geregu said the outstanding legacy issues would not affect its ability to meet its financial obligations.

“The Board of Directors reaffirms its commitment to all stakeholders as part of its ongoing dedication to preserving shareholder value and upholding the highest standards of corporate governance,” the company said.

The company also thanked bondholders, the Securities and Exchange Commission, NGX and the Nigerian Electricity Regulatory Commission for their engagement as the matter was being resolved.

Geregu reaffirmed its commitment to complying fully with its obligations under the bond and applicable capital market rules.

Geregu Power Plc recently faced a brief credit default on its Series 1 Senior Unsecured Bond after missing an N6.03bn obligation for its 8th coupon and 4th principal repayment.

The FMDQ Securities Exchange flagged and updated the listing status of the Series 1 bond to “credit default”. Pan-African rating agency Agusto & Co. temporarily withdrew its ‘A-’ credit rating on the company, citing visibility issues over accounts prior to the intervention.

“The payment marks a step towards resolving Geregu Power’s debt-service obligations and easing concerns among bond investors,” said an emerging markets analyst, Ike Ibeabuchi.

“This provides some relief to investors, although questions remain about the company’s near-term debt-servicing capacity.”

admin by — August 21, 2026 in Business 0