The Chairman of Transcorp Group, Mr Tony Elumelu, has said that Nigeria’s ambition to grow a $1 trillion economy cannot be realised without urgent and sustained intervention in the country’s electricity sector.
Speaking at the company’s Annual General Meeting held in Abuja on Wednesday, Mr Elumelu stated that access to reliable electricity remains the most critical factor in transforming Nigeria’s economy, particularly in bolstering contributions from the non-oil sector.
“I want to use this opportunity to reiterate that access to electricity remains the single most critical factor in fixing the Nigerian economy, especially as we seek to have the non-oil sector make greater contributions to our economy,” he said.
“We must, therefore, fix power to fix and transform Nigeria. We know that to grow a $1tn economy, electricity must be fixed. That is not the case today.”
Mr Elumelu acknowledged that although President Bola Tinubu had issued a directive in 2023 for the removal of all obstacles in the power sector, the pace of implementation remains slow.
“The President directed last year that all impediments to the power sector should be removed. But I’m afraid to say that critical people who should help to see the President’s vision come alive are afraid to do so, May I use this opportunity to call on them to help translate the President’s initiative idea into action,” he said.
The Transcorp Chairman also raised alarm over the growing debt owed by the Federal Government to Transcorp for electricity supplied to the national grid, revealing that the sum had exceeded ₦600 billion (approximately $400 million).
“Much as we, patriotic Nigerian investors, are committed to supporting the efforts of the Federal Government in fixing the economy, we have a rather excruciating burden of subsidising the sector. It requires urgent attention,” he said.
Despite the challenges, Mr Elumelu announced significant growth in the group’s operations. He noted that Transcorp Plc’s market capitalisation had risen from ₦2 billion in 2011 to over ₦4.5 trillion in 2024.
“When we took over this company in 2011, the market cap of Transcorp was actually ₦2bn. Today, the group market cap is over ₦4.5tn,” he said.
He added that since the takeover, the company has consistently paid dividends, declaring ₦1 per share for the 2024 financial year.
“2025 will definitely be better than 2024,” he assured shareholders.
Mr Elumelu disclosed that Transcorp Power now holds a market valuation of over ₦2.7 trillion and has fully repaid its $215 million foreign exchange acquisition loan this year.
He also announced the completion of a new 5,000-capacity event centre at Transcorp Hilton in Abuja, with the aim of positioning Nigeria as a leading destination for global events.
“Rwanda, Dubai and Kenya have become event centres. So, we want to put your country on that map. And you have succeeded,” he stated.
Looking ahead, Mr Elumelu revealed that Transcorp is considering expansion into agriculture and renewable energy, based on shareholder recommendations and in alignment with the Federal Government’s economic diversification goals.
“We came back from Israel not too long ago, exploring possibilities about investing in the agriculture sphere. But beyond agriculture, we’re interested in renewable energy,” he said.
Addressing the investing public, he added: “To shareholders of Transcorp, they are very excited. And to the investment public, it’s time to come on board and enjoy what our shareholders are already having.”
Also speaking at the event, the President and Group Chief Executive Officer of Transcorp Plc, Dr Owen Omogiafo, reiterated the group’s commitment to innovation and excellence.
She noted that the firm is strategically exploring diversification, particularly in agriculture, to deliver high-impact solutions and support national development.
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