Tony Elumelu: “Fix Power to Fix Nigeria” – Transcorp Chairman Speaks at AGM

📍 Photo Caption: Chairman of Transcorp Group, Tony Elumelu

At the Annual General Meeting of Transcorp Group, held in Abuja on Wednesday, Chairman Tony Elumelu emphasized a critical truth: Nigeria’s dream of building a $1 trillion economy hinges on fixing the nation’s electricity sector.

“Access to electricity remains the single most critical factor in transforming the Nigerian economy,” Elumelu stated. “Especially as we seek stronger contributions from the non-oil sector.”

Power Crisis Undermining Economic Growth

Elumelu warned that the slow pace of reforms in the power sector continues to undermine national progress. While President Bola Tinubu had ordered the removal of all bottlenecks in the electricity sector in 2023, the implementation has fallen short.

“Some of those charged with turning this vision into action appear reluctant,” he said, calling for bold steps to translate policy into real progress.

Government Owes Transcorp Over N600 Billion

A major highlight of Elumelu’s address was the staggering N600 billion debt the Federal Government owes Transcorp for electricity already supplied to the national grid. This, he says, places a massive burden on private investors.

“We, as patriotic Nigerian investors, are subsidising the sector in a very painful way. It requires urgent intervention,” Elumelu added.

Progress Amidst Challenges

Despite these setbacks, Transcorp has made impressive strides. Elumelu revealed that:

• The market capitalisation of Transcorp PLC has grown from N2 billion in 2011 to over N4.5 trillion today.

• Transcorp Power, now valued at N2.7 trillion, has fully repaid its $215 million acquisition loan in 2024.

• The company has consistently paid dividends since its takeover, declaring N1 per share for 2024.

• A brand-new 5,000-capacity event centre has been completed at Transcorp Hilton Abuja, positioning Nigeria as a hub for world-class events.

“Rwanda, Dubai, and Kenya are already on the map. It’s time for Nigeria to shine too,” said Elumelu.

Eyes on the Future: Agriculture and Renewable Energy

Following strong recommendations from shareholders, Transcorp is exploring diversification into key sectors, including agriculture and renewable energy. The group is actively seeking strategic investments to align with President Tinubu’s economic vision.

“We recently returned from Israel, exploring agricultural partnerships. Beyond that, we’re also deeply interested in renewable energy,” Elumelu disclosed.

Transcorp’s Mission: Transforming Lives

“Transcorp is about improving lives and transforming Nigeria and Africa,” Elumelu affirmed. “Power is critical to development, and we are proud to be a catalyst.”

Leadership’s Commitment to Innovation

Dr. Owen Omogiafo, President and Group CEO of Transcorp, reinforced the group’s commitment to innovation and impact-driven growth. She highlighted that the company’s strategic expansion into agriculture targets opportunities that can make a real difference for Nigerians.

Final Word: A Call to Investors

Elumelu concluded with a heartfelt invitation:

“Our shareholders are happy. To the investment public—it’s time to come on board and enjoy what our stakeholders are already benefiting from.”