Tony Elumelu Explains Why Transcorp Group Invested Heavily In Power Sector
Tony Elumelu has revealed providing access to electricity across the continent of Africa as the major reason Transcorp Group is investing so much in the power sector.
The Africa’s business leader, who chairs the multi-sectoral conglomerate, maintains that such investments will engender development and transformation in the continent.
Elumelu, reputed to be one of the shapers of African private sector and a global voice for entrepreneurship opportunity and inclusive growth across the continent, made the remarks at the Africa Finance Corporation (AFC) Day in London.
The event, themed “AFC As a Gateway to Global – Africa Trade and Investment”, was held on April 28, 2025.
Acknowledging AFC’s role in making Transcorp Group’s investment drive a reality, Mr Elumelu said:
“I speak not just as a founder but as a beneficiary of AFC’s catalytic role on the continent in the area of private sector investment. As the chairman of Transcorp Group, one of our investments was in the power sector. We know that access to electricity is very important for the development and transformation of Africa. We invested in that space but needed support. And AFC supported us… I think the first was about $120 million…”
Though the money has been paid back, Elumelu, who is a founding member of the all-important organisation, stressed that the AFC’s support was critical at the time.
Providing insight on the kind of support AFC give to major businesses like Dangote Group, RASCOM and the enterprise he chairs, Elumelu insisted AFC team under the pioneer Chief Executive Officer, Austine Ometoruwa and current CEO Samaila Zubairu deserve all the accolades.
“When we decided also to go into energy space, we did a $1.1 billion transaction, AFC supported us also, I think $150 million, which is very well serviced today.
“These are things… probably you’ve heard about RASCOM, Dangote Group and others. These are signature transactions that, without AFC or for us in particular, let me speak for myself, may have been difficult to conclude”, the chairman of Heirs Holdings, United Bank of Africa, and the Tony Elumelu Foundation pointed out.
