Elegbede Abiodun
Geregu Power Plc, a major player in Nigeria’s electricity value chain, has reported a significant strengthening of its capital base, with total equity rising to N60.73bn for the first quarter ended 31 March 2026.
According to the unaudited interim financial statement submitted to the Nigerian Exchange on Thursday, the company’s equity grew from N58.63bn recorded at the end of December 2025. This growth was primarily driven by an increase in retained earnings, which climbed to N59.45bn during the period.
“The interim financial statements were approved by the Board of Directors on 16 April 2026,” stated the company in its regulatory filing, which was signed by Director Abdullahi Tsafe and Acting CFO Shehu Bello.
Beyond equity growth, the report highlights a strategic reduction in the company’s debt profile.
Total liabilities dropped from N246.38bn in December 2025 to N239.33bn by the end of March 2026, a reduction of approximately N7.05bn in just three months.
The deleveraging was most visible in the company’s bond payables and borrowings. Non-current bond payables fell from N24.18bn to N20.04bn, while total borrowings (current and non-current) saw a combined reduction of over N4bn.
While the company’s total asset base saw a marginal contraction to N300.06bn, down from N305.01bn in December, the shift reflects the company’s active utilisation of cash to settle obligations.
Cash and cash equivalents stood at N29.37bn as of 31 March, while trade and other receivables remained robust at N200.26bn, indicating a consistent, though high-volume, revenue pipeline within the power sector.
“Total current assets reached N238.19bn,” the report noted, reinforcing the company’s ability to cover its short-term operational requirements while maintaining its status as a fundamentally viable and strategically relevant entity in the Nigerian power market.
This Q1 performance marks a steady start to the 2026 financial year for Geregu Power, following a year of leadership transitions and significant shareholding shifts in late 2025.
