Chairman of Transcorp Group, Mr. Tony Elumelu, has emphasised that Nigeria’s aspiration to become a $1 trillion economy will remain elusive unless the nation urgently addresses the lingering challenges in the electricity sector. Speaking on Wednesday during the Annual General Meeting of Transcorp Group held in Abuja, the renowned entrepreneur and philanthropist stated that access to stable and reliable electricity remains the most critical enabler for economic transformation, especially in diversifying beyond oil.
Elumelu, who has long been an advocate for power sector reform, pointed out that Nigeria’s non-oil sector cannot thrive without resolving the persistent electricity deficit that continues to stifle industrial productivity, small businesses, and foreign investment. “To achieve the kind of growth we envision a $1 trillion economy we must fix electricity. That is not a debate; it is a necessity,” he declared.
The billionaire investor expressed concern over the slow implementation of the Federal Government’s reform agenda, despite President Bola Tinubu’s directive last year to eliminate bottlenecks stalling progress in the sector. According to him, many officials responsible for driving the president’s vision are reluctant to act decisively, which has stalled momentum. He called on them to align with the administration’s commitment and match policy with action.
In a revealing disclosure, Elumelu stated that the Federal Government owes Transcorp over N600 billion approximately $400 million for electricity already supplied to the national grid. He lamented that this huge debt continues to place an unsustainable burden on private investors who remain committed to supporting national development. “As patriotic Nigerian investors, we are subsidizing the sector. It’s an excruciating burden that requires urgent attention,” he noted.
Despite these challenges, Elumelu praised the current administration’s initiatives aimed at stabilising the sector, such as the Presidential Metering Initiative and proposed reforms in the transmission network. However, he warned that unless these policies are swiftly implemented, the sector may deteriorate further.
The Transcorp Chairman also shared some of the group’s recent milestones. According to him, Transcorp PLC’s market capitalization has grown significantly, rising from just N2 billion in 2011 when the group took over the company to over N4.5 trillion today. He attributed this growth to consistent strategic investments, robust governance, and shareholder-focused management.
He announced that shareholders would receive a dividend of N1 per share for the 2024 financial year, maintaining the company’s streak of consistent dividend payments since his group assumed control. “When we took over in 2011, Transcorp had never paid dividends. Today, we have changed that narrative completely,” he said.
Highlighting the group’s successful transformation journey, Elumelu noted that Transcorp Power now has a market value exceeding N2.7 trillion. He also confirmed that the company had fully repaid its foreign exchange acquisition loan of $215 million in 2024 further underlining its financial resilience and commitment to long-term growth.
On infrastructure development, he announced the completion of a new 5,000-capacity event centre at the Transcorp Hilton in Abuja. This, he said, would help position Nigeria as a global destination for conferences and large-scale events, citing examples such as Dubai, Rwanda, and Kenya, which have all become continental event hubs.
Elumelu also revealed that Transcorp is exploring strategic expansion into agriculture and renewable energy, based on suggestions from shareholders who believe these sectors are vital to Nigeria’s broader economic development goals. “We just returned from Israel, where we explored investment opportunities in agriculture. But our ambition doesn’t stop there. Renewable energy is another area we’re eyeing closely,” he added.
He concluded with a message of optimism, inviting both retail and institutional investors to be part of the Transcorp journey. “To our shareholders, the future is bright. And to the investing public, this is the right time to join us and benefit from the transformation we’re driving across the country,” Elumelu said.
In her remarks, the President and Group Chief Executive Officer of Transcorp Group, Dr. Owen Omogiafo, reaffirmed the company’s dedication to innovation, operational excellence, and national development. She stressed that the group remains focused on unlocking high-impact opportunities across key sectors, with a particular interest in agriculture as a vehicle for inclusive growth.
