The Chairman of Transnational Corporation Plc (Transcorp Group), Tony Elumelu, has announced that the combined market capitalisation of the company has increased to $3 billion (N4.5 trillion).
Elumelu announced this at the 19th Annual General Meeting of the company in Abuja on Wednesday, April 9, 2025.
Elumelu disclosed that Transcorp’s market capitalisation was less than N20 billion when it was taken over in 2011.
The billionaire businessman said Transcorp Ughelli Power public, which was taken over in 2024, has had its value increased to N2.7 trillion.
He said: “When we say Transcorp is about improving lives and transforming Nigeria and Africa, it is based on the role we play in catalysing development. Power is critical for the development of every economy.
“Transcorp Power Ughelli has the installed capacity of 1,000 MW of electricity generation, and Transafam has 1,000 MW capacity. That is a combined 2,000.
“But available capacity for the 2; Ughelli is 625 MW and Transafam 305 MW, combined it’s almost 1,000MW in a country where we consume less than 5,000MW, you can now imagine what your company is contributing to the economy.
“Despite the challenging economic climate, one of our subsidiaries, Transcorp Power, has fully repaid the $215m loan it took in 2014 for the acquisition of Transcorp Power Ughelli.”
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Elumelu stressed that access to electricity remains the single most critical factor in fixing the Nigerian economy, “especially as we seek to have the non-oil sector make greater contribution to our economy”, adding: “We must therefore fix power to fix and transform Nigeria.”.
“As at date, the federal government owes our company over N600 billion ($400 million).
“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.
“The presidential metering initiative targeted at increasing access to meters, the separation of the independent system operations from TNC, to mention but a few.
“While the intentions behind these initiatives are very good, these intentions can only be achieved through ruthless, result-oriented and timely execution of the initiatives before this sector collapses in front of our eyes with these attendant consequences.”
The Transcorp chairman, therefore, called on all those involved in executing Tinubu’s directives on the initiative to prioritise the critical national task immediately.
Elumelu stated: 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 to 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.”
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