Tony Elumelu, Chairman of Transnational Corporation Plc (Transcorp), has called on key federal government stakeholders to take decisive action to implement President Bola Tinubu’s vision for Nigeria’s power sector, warning that hesitation and fear are hindering progress. Speaking after Transcorp's 19th Annual General Meeting (AGM) in Abuja, Elumelu expressed concern about the slow pace of reform, despite President Tinubu's commitment to transforming the electricity sector.
Elumelu pointed to the federal government’s substantial unpaid debts to power generation companies, with Transcorp Power alone owed over $400 million (approximately N600 billion). He emphasized that resolving these debts is crucial to unlocking the sector’s potential and aligning with the President's Renewed Hope Agenda, which aims to drive Nigeria toward a $1 trillion economy.
"We believe that to fix Nigeria, we must fix power. And we are great supporters of President Tinubu’s Renewed Hope Agenda. We know that to grow a $1 trillion economy, electricity must be fixed. That is not the case today," said Elumelu. He added that while the President had directed the removal of all impediments to the power sector, key actors within the system have been reluctant to act on these directives.
Elumelu also called for improved energy access for Nigerians, stating that the private sector, including Transcorp, is ready to contribute to the President’s vision, provided that financial obligations are honored. He reiterated that Nigeria’s power sector is heavily indebted, with Transcorp alone owed a substantial sum, and called for the payment of these debts to help improve electricity supply.
In addition to discussing the power sector, Elumelu shared positive updates on Transcorp’s performance. The company’s units—Transcorp Hotels, Transcorp Power, and Transcorp Energy—have continued to generate strong value. Elumelu also revealed plans to list additional subsidiaries, including the Abuja Electricity Distribution Company (AEDC), which is currently managed by Transcorp.
The conglomerate's market capitalization has grown significantly, surpassing $3 billion (approximately N4.5 trillion). Elumelu highlighted the company’s continued success in delivering value to shareholders, noting that since taking over Transcorp in 2011, the group has consistently paid dividends.
In 2024, Transcorp reported impressive financial results, with gross earnings rising by 107 percent to N408 billion, profit before tax up by 132 percent to N136.7 billion, and profit after tax soaring by 188 percent to N94.1 billion. The group's total assets grew by 42 percent to N751.6 billion, and shareholders’ funds increased by 45 percent to N271.7 billion.
Elumelu concluded with a message of optimism, expressing confidence in Transcorp’s continued transformation and growth. "We are doing what we are expected to do—transforming companies and businesses and creating more value for shareholders. We want more Nigerians and investors to be part of this journey," he said.
