Chairman of Transcorp Group, Tony Elumelu, has stated that Nigeria’s aspiration to build a $1 trillion economy is unattainable without urgent reforms in the country’s electricity sector.
Speaking during the company’s Annual General Meeting held in Abuja, Elumelu described access to reliable electricity as the most critical factor in transforming the nation’s economy, especially as Nigeria seeks to boost contributions from the non-oil sector.
He emphasized the need for action, noting that although President Bola Tinubu had previously directed the removal of bottlenecks in the power sector, implementation has been slow. Elumelu urged key officials to help bring the president’s vision to life.
He also raised concerns over debts owed to Transcorp by the federal government, revealing that the company is currently owed over N600 billion for electricity supplied to the national grid. He described this situation as unsustainable and called for immediate intervention to ease the burden on private sector investors.
Despite the challenges, Elumelu announced strong growth within the group. He disclosed that Transcorp’s market capitalization has grown from N2 billion in 2011 to over N4.5 trillion in 2024. He added that the company has consistently paid dividends since the takeover, including a N1 dividend for the 2024 financial year.
He also noted that Transcorp Power now has a market value of over N2.7 trillion and has successfully repaid its $215 million foreign acquisition loan.
Highlighting recent achievements, Elumelu announced the completion of a new 5,000-capacity event centre at Transcorp Hilton in Abuja, positioning Nigeria to attract global events.
He also revealed plans for expansion into agriculture and renewable energy, following recommendations from shareholders and recent exploratory visits to Israel.
The President and Group CEO of Transcorp, Dr. Owen Omogiafo, reaffirmed the company’s commitment to innovation and excellence, adding that the firm is pursuing strategic diversification to support national development efforts.
