Rating Release
Agusto & Co. affirms the “A-” (long-term) and “A1” (short-term) ratings assigned to Geregu Power Plc, with a stable outlook.
The ratings expire on 30 June 2027.
Agusto & Co. hereby affirms the “A-” (long-term) and “A1” (short-term) ratings assigned to Geregu Power Plc (“Geregu Power”, “Geregu”, “GPP” or “the Company”). The ratings reflect GPP’s strong earnings profile under the MYTO-II tariff framework with USD-indexed gas cost pass-through; resilient operating cash flow supported by the industry-standard proportional gas-settlement arrangement with gas suppliers; the full availability of GT12 and GT13 following their overhauls; the prospect of materially improved liquidity from the expected Nigerian Bulk Electricity Trading (NBET) settlement; and GPP’s strategic importance as a contributor of approximately 10% of Nigeria’s available grid capacity. The ratings are constrained by rising leverage, a high dividend payout that pressures liquidity and uncertainties linked to the ownership and governance transition following the acquisition by MA’AM Energy Limited.
Geregu Power Plc is a 435MW gas-fired power generation company in Kogi State, operating three Siemens SGT5-2000E simple-cycle gas turbines of 145MW each selling all generated electricity to Nigerian Bulk Electricity Trading (NBET) under a long-term Power Purchase Agreement (PPA). The overhauls of GT12 and GT13 were completed in August 2024 and March 2025 respectively, while GT11 was taken out of service in Q1 2026 following a transformer fault and is undergoing repairs; the unit’s major overhaul remains on schedule to commence in November 2026 in line with Equivalent Operating Hours (EOH)1 thresholds. In December 2025, MA’AM Energy Limited became the new controlling shareholder of GPP through the acquisition of a 95% equity interest in Amperion Power Distribution Company Limited, GPP’s majority shareholder. MA’AM Energy Limited is an Abuja-based integrated energy company engaged in electricity generation, supply, trading and marketing, owned in equal 25% stakes by Abdulkarim Tsafe, Jari Jafar, Abdulaziz Yari and Abdulaziz Ahmad. Senator Abdulaziz Yari, former Governor of Zamfara State (2011–2019), has been appointed Chairman of the reconstituted Board.