“We Must Fix Power To Fix And Transform Nigeria” – Tony Elumelu Declares
The Group Chairman of Transcorp Group, Tony Elumelu, has identified power as a major sector of the economy that must be fixed to have a transformed Nigeria.
Mr Elumelu disclosed this during the 19th Annual General Meeting of Transnational Corporation (Transcorp) Group, a Nigerian conglomerate that boasts of market value that stands at $3billion (N4.5trillion).
The Annual General Meeting was held today, April 9, 2025 at the banquet hall of Transcorp Hotel, Federal Capital Territory, Abuja.
Highlighting liquidity infrastructure, gas availability as well as indebtedness especially by the federal government as main challenges of the power sector, Mr Elumelu maintains “We must therefore fix power to fix and transform Nigeria.”
The serial investor who dubbed subsidising the power sector as an “excruciating burden” told the gathering of shareholders the federal government is hugely indebted to the entity he chairs.
“As at date our federal government owes your company over N600 billion ($400 million)”, the exceptional entrepreneur divulged.
“Much as we as patriotic Nigerian investors are committed to supporting the efforts of the Federal Government in fixing the Nigerian economy we have been under excruciating burden of subsidising the sector as producers who do not get paid for the electricity we generate; we put on the grid and is consumed on the grid”, Mr Elumelu said.
President/GCEO, Transnational Corporation(Transcorp) Plc, Owen Omogiafo and Group Chairman, Tony Elumelu at the 19th Annual General Meeting of the Company in Abuja on Wednesday
And he quickly added: “This you will agree is totally not sustainable, it requires urgent attention.”
Acknowledging President Bola Tinubu’s transformative plans for the power sector, Elumelu who spoke glowingly about Transcorp Power Ughelli and Transafam’s combined 2,000 megawatt (MW) capacity, said: “I am aware of some of the well-intended initiatives of the federal government in the power sector. The efforts commenced last year by the new administration, President Tinubu’s administration, targeted at paying the debt owed GENCOs.”
He urged those saddled with execution of the commendable initiatives – which include increasing access to meters and separation of the independent system operations from TNC – of the government to expedite actions to save the sector from collapse.
Elumelu further advocated the president’s directives regarding the initiative to be treated a matter of “critical national task”.
His words: “Let me therefore use this opportunity of our AGM to call on all those involved in executing our president’s directives on this initiative to please prioritise this critical national task immediately.
“They should expedite action to fully pay the huge debt owed GENCOs by completing the process already initiated towards the end of last year.
“The delivery of meters under PMI should be quickened, our group is more committed in working with the federal government on this.
“Transmission infrastructure whether under the PPI or other initiatives should be addressed immediately and special incentives should be put in place to expedite investment in gas and gas infrastructure development.”
“I believe that the new leadership in NNPC will help to fast track this”, Mr Elumelu who hinted “the completion of the ongoing OB3 (Obiafu-Obrikom-Oben) gas pipeline will positively impact gas to power supply”, concluded.
