…Elumelu Pushes for Power Sector Reform, Demands $400m Debt Payment
Shareholders of Transnational Corporation Plc (Transcorp Group) have approved a full dividend of N1.00 per share, following the company’s impressive financial performance for the 2023 fiscal year, which saw gross earnings rise to N408 billion.
The dividend, approved at the company’s 19th Annual General Meeting (AGM) held in Abuja on Wednesday, includes an interim payment of 40 kobo and a final payment of 60 kobo per share — totaling N10.16 billion.
Addressing stakeholders at the AGM, Tony Elumelu, Chairman of the Board of Directors, expressed satisfaction with the company’s steady growth and emphasized Transcorp’s long-term value creation strategy.
Elumelu, however, used the opportunity to highlight major challenges facing Nigeria’s power sector, particularly the huge debts owed to power-generating companies. He revealed that Transcorp Power Plc is owed over $400 million (about N600 billion) — a figure he described as a major obstacle to improved electricity supply and a threat to the success of President Bola Tinubu’s renewable energy agenda.
“We believe that to fix Nigeria, we must fix power. We are strong supporters of President Tinubu’s renewable energy agenda and his vision of building a $1 trillion economy, but electricity must be in place,” Elumelu stated.
The business mogul also decried the failure of certain key stakeholders to act on the President’s directive to remove bottlenecks in the power sector, urging them to translate vision into action for the benefit of all Nigerians.
“The President gave a directive last year that all impediments in the power sector must be fixed. But, unfortunately, those who should bring this vision to life are either afraid or unwilling to act. We need courage and urgency,” he stressed.
Elumelu disclosed that Transcorp Group’s ambitions extend beyond energy, revealing ongoing plans to invest in agriculture and renewable energy following a recent trip to Israel. He emphasized that electricity remains the backbone of Nigeria’s economic transformation and called for the prompt settlement of debts to enable power producers to operate optimally.
“Transcorp Power is owed over $400 million. We want this paid so that we can help actualize the President’s vision of making electricity accessible to all Nigerians,” he added.
In addition to its strong financials, Transcorp also celebrated several key milestones, including the successful listing of Transcorp Power Plc on the Nigerian Exchange (NGX) via introduction at N240 per share on March 4, 2025 — further demonstrating the Group’s commitment to transparency and value creation.
With operations spanning energy, hospitality, and agriculture, Transcorp Group remains a key player in Nigeria’s economic growth agenda.
