Tony Elumelu, Chairman of Transnational Corporation Plc (Transcorp), has urged the Federal Government of Nigeria to prioritise addressing the critical challenges facing the country’s power sector. In a statement released to the media, Elumelu emphasised that significant reforms are crucial to unlocking the sector’s potential and driving national economic transformation.
Reliable Access to Electricity: A Catalyst for Growth Elumelu stressed the vital role of reliable access to electricity in fostering the growth of the private sector and the overall development of the nation. He stated that reforms are necessary to enable lasting economic transformation, warning that Nigeria’s economic progress will be hindered if substantial improvements are not made in the electricity industry.
Power companies grapple with debt owed by the government. The power generation and distribution companies have been voicing concerns over the substantial debt owed to them by the federal government, further exacerbating the challenges in the sector.
Transcorp’s Commitment to Sustainable Growth The business leader underscored Transcorp’s unwavering commitment to corporate governance, social responsibility, and consistent dividend payments, reflecting the group’s dedication to improving lives and transforming communities across Nigeria.
“Transcorp Group has not only experienced unprecedented growth, but the group has also demonstrated its potential to deliver much more value to stakeholders and our country,” Elumelu stated. “The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macroeconomic challenges, the future remains exciting.”
Prioritising Power Sector Reforms Elumelu called on the Federal Government to prioritise the crippling issues in the power sector, emphasising that the challenges should be at the forefront of the nation’s transformation agenda. “The private sector cannot thrive without improved access to electricity. Fundamentally reforming the power sector is essential to our national economic transformation,” he submitted.
Strategic growth plans and sustainable investments Owen Omogiafo, the Transcorp Group’s president, revealed the company’s strategic growth plans, including the launch of a 5,000-capacity event centre at the Transcorp Hilton Abuja. He expressed confidence in achieving sustainable growth despite current macroeconomic challenges, emphasising the importance of continuous efforts to enhance power generation capacity and other strategic investments.
“The reward for success is more work, and across our group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders,” Omogiafo averred.
About Transnational Corporation Plc (Transcorp Group) Transnational Corporation Plc, also known as Transcorp Group, is one of Africa’s leading listed conglomerates, with strategic investments in the power, hospitality, and energy sectors. The group is driven by its mission to improve lives and transform Africa.