Rating Release 

Agusto & Co has withdrawn the “A-” rating assigned to Geregu Power PLC (“Geregu Power” “GPP” or “the Company”) and its ₦40.09 billion Series 1 Senior Unsecured Bond (“the Bond”) following the Company’s recent default on the eighth coupon payment and fourth principal repayment. The withdrawal reflects both the default event and Agusto & Co’s conclusion that it no longer possesses sufficient reliable information to maintain a credit rating opinion. Management has advised that previously issued financial statements are undergoing an independent verification process. Pending completion of this review, Agusto & Co is unable to rely on the current audited financial statements and, therefore, cannot provide an opinion regarding the Company’s creditworthiness.

We will undertake a reassessment of the Company’s rating upon completion of the ongoing independent forensic review and receipt of reliable financial statements for the year ended 31 December 2025.

Thank you.