While commending President Bola Tinubu’s debt repayment plan and reforms in the power sector, Elumelu emphasized the necessity for “ruthless, result-oriented, and timely execution” to avert a catastrophic collapse
Tony Elumelu Calls for Urgent Action to Avert Nationwide Blackout, Stabilize Power Industry
Tony Elumelu, Chairman of Transcorp Group, emphasized that resolving Nigeria’s power crisis is critical to transforming the nation’s economy.
Speaking at the company’s Annual General Meeting (AGM) in Abuja, he highlighted the severe financial strain faced by Transcorp and other power-generating companies (GenCos) due to unpaid debts owed by the Federal Government.
“As patriotic Nigerian investors, we are committed to supporting the government’s efforts to fix the economy. However, we bear the heavy burden of subsidizing the sector, generating electricity that is consumed but not paid for,” Elumelu said.
While commending President Bola Tinubu’s debt repayment plan and power sector reforms, Elumelu stressed the need for “ruthless, result-oriented, and timely execution” to prevent a catastrophic collapse.
“Good intentions must be matched with urgent action to save this critical sector,” he warned, urging those responsible for implementing the president’s directives to prioritize the task.
The AGM, held at Transcorp Hotel Abuja—a landmark known for its 5,000-capacity event center and global tourism appeal—showcased Transcorp Group’s remarkable growth.
From a valuation of less than N20 billion in 2011 when Elumelu’s team took over, the conglomerate’s listed entities are now worth N4.5 trillion, with Transcorp Ughelli Power alone valued at over N2.7 trillion following its 2024 public listing.
Transcorp’s subsidiaries, including Transcorp Hotels and Transcorp Power, continue to lead their sectors, delivering significant impact and exemplary performance.
Elumelu, a proponent of Africapitalism, reiterated the private sector’s role as a catalyst for Africa’s development, calling for immediate action to avert a nationwide blackout and stabilize the power industry. Read More
