At the recent Annual General Meeting of Transcorp Group in Abuja, Chairman Tony Elumelu delivered a powerful message at the core of Nigeria’s economic ambitions: “We must fix electricity to build a $1 trillion economy.” In his address, Elumelu emphasized that access to reliable electricity is the most critical foundation for unlocking Nigeria’s economic potential, especially as the country seeks to move away from oil dependence and enhance contributions from non-oil sectors. 

Power Sector Woes: A National Emergency Despite ongoing reforms, Elumelu expressed deep concern over the slow pace of implementation in the power sector. He noted that while President Bola Tinubu has issued directives to remove bottlenecks, key stakeholders remain hesitant or unwilling to act. Elumelu stated unequivocally: “The President directed that all impediments to the power sector should be removed. But I’m afraid to say that critical individuals who should help realize the President’s vision are reluctant to do so.” He warned that the stakes are high; without steady and affordable electricity, Nigeria’s $1 trillion economic dream will remain unattainable. 

Transcorp’s Burden: Over ₦600 Billion in Unpaid Debts Highlighting the strain on private investors in the sector, Elumelu revealed that the Federal Government currently owes Transcorp over ₦600 billion (approximately $400 million) for electricity already supplied to the national grid. “As patriotic Nigerian investors, we are committed to supporting the Federal Government, but we are disproportionately shouldering the burden of subsidizing the sector. This situation is unsustainable and needs urgent attention.”  

A Decade of Transformation: Transcorp’s Growth Story Despite the challenges in the sector, Transcorp has shown remarkable resilience and performance under Elumelu’s leadership: - Market capitalization has grown from under ₦20 billion in 2011 to over ₦4.5 trillion today. - Transcorp Power is now valued at over ₦2.7 trillion. - The company fully repaid a $215 million FX loan in 2024. - Shareholders have enjoyed consistent dividend payouts for over a decade, with ₦1 per share declared for 2024. “When we took over in 2011, no dividends had ever been paid. Today, we’ve changed that narrative.” 

 Putting Nigeria on the Global Map Another exciting milestone is the completion of a 5,000-capacity event center at Transcorp Hilton, Abuja. This strategic investment aims to position Nigeria as a preferred destination for global conferences and tourism, alongside cities like Dubai, Kigali, and Nairobi. “Rwanda, Dubai, and Kenya have become event centers. We want to place Nigeria on that map — and we’re making it happen.” 

Looking Ahead: Agriculture & Renewable Energy In response to shareholder input and national needs, Elumelu announced that the Group is exploring diversification into agriculture and renewable energy. The company recently visited Israel to investigate high-impact agricultural investment models. Renewable energy is also on the horizon, serving as a natural next step in addressing Nigeria’s power deficit sustainably. 

A Word to Investors Concluding his remarks, Elumelu had a message for investors: “To our shareholders — thank you. And to new investors — it’s time to come on board. What our shareholders are enjoying, you can too. 2025 will be even better.” ### Conclusion Elumelu’s message is clear: Electricity is the bedrock of economic transformation. While Transcorp continues to pursue growth and innovation, the power sector must be addressed urgently and decisively for Nigeria to realize its full potential.