Segun Atanda/
Today, at the 19th Annual General Meeting of Transnational Corporation Plc (Transcorp), Chairman Tony Elumelu presented the company’s performance highlights and called for immediate reforms in Nigeria’s power sector to prevent further deterioration.
Elumelu reported that the market capitalisation of Transcorp’s listed entities has grown to $3 billion (₦4.5 trillion), up from less than ₦20 billion in 2011 when the company was acquired by the current shareholders. He noted that the group’s recent milestones include the public listing of Transcorp Power, which now holds a valuation of over ₦2.7 trillion.
Transcorp’s energy subsidiaries, Ughelli and Transafam, have a combined installed capacity of 2,000 megawatts (MW), with an available capacity of 625MW and 305MW respectively, contributing nearly 1,000MW to the national grid. Elumelu highlighted this contribution in the context of a country where total power consumption remains below 5,000MW.
He announced that Transcorp Power has fully repaid the $215 million loan obtained in 2014 for the acquisition of the Ughelli plant. Additionally, Transcorp Hotels has completed a 5,000-capacity event centre in Abuja to support Nigeria’s positioning as a destination for large-scale international events.
Despite these achievements, Elumelu expressed concern over systemic challenges in the power sector. He stated that the Federal Government currently owes Transcorp over ₦600 billion ($400 million) for electricity supplied to the national grid. He emphasised that private investors are under pressure, continuing to generate and supply power without commensurate payments—a situation he described as unsustainable.
Elumelu acknowledged recent initiatives by the current administration, including the Presidential Metering Initiative, the restructuring of the Transmission Company of Nigeria (TCN), and efforts to clear debts owed to Generation Companies (GENCOs). However, he stressed that timely and effective execution is critical.
He called for the following immediate actions:
- Full payment of outstanding debts owed to GENCOs.
- Acceleration of the Presidential Metering Initiative.
- Addressing transmission infrastructure gaps.
- Implementation of incentives for gas supply and infrastructure development.
- Completion of the OB3 gas pipeline to enhance gas availability across the country.
Elumelu expressed confidence in the leadership of the Nigerian National Petroleum Company (NNPC) to help fast-track gas sector initiatives and reiterated Transcorp’s commitment to supporting the government’s economic development agenda.
He concluded by stating that improving electricity access remains essential to diversifying the economy and enabling sustainable growth in the non-oil sectors.
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