…As Transcorp reports N94.1bn profit after tax
By Seun Ibiyemi
The Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has called on key stakeholders within the federal government to show courage and decisiveness in realising President Bola Ahmed Tinubu’s vision for Nigeria’s electricity sector, cautioning that fear and inertia are stalling much-needed progress.
Speaking to journalists in Abuja on Wednesday, following the company’s 19th Annual General Meeting (AGM), Elumelu voiced concern that while the President has shown clear resolve to reform the power sector, several important players within the system are holding back from pushing forward the essential changes.
He drew attention to the federal government’s outstanding debts to electricity generation companies, identifying them as a critical impediment to growth. Elumelu revealed that Transcorp Power, the electricity generation subsidiary of the Transcorp Group, is currently owed over $400 million (approximately ¦ 600 billion).
He made it clear that settling these debts is vital to unlocking the sector’s full potential and realising the ambitions of the President’s Renewed Hope Agenda, which aims to drive Nigeria’s economy toward $1 trillion in growth.
“We believe the key to fixing Nigeria lies in fixing power. We are firm believers in President Tinubu’s Renewed Hope Agenda. But we also know that to achieve a $1 trillion economy, the electricity sector must be functional—and right now, it simply isn’t,” Elumelu stated.
“The President issued a directive last year that all barriers holding back the power sector should be dismantled. But sadly, those in positions to bring this vision to life appear too cautious. I want to use this opportunity to urge them—act now, and help turn bold ideas into visible results.”
He pressed the urgency of resolving Nigeria’s chronic electricity access challenges, stressing that the Nigerian people deserve more reliable power and that companies like Transcorp are ready to deliver—provided the government honours its financial commitments.
“The power sector is heavily burdened by debt. Transcorp alone is owed over $400 million, over ¦ 600 billion. Nigerians are entitled to better access to electricity, and we want to support that vision—but these obligations must be met,” he said.
Turning to the wider performance of the Transcorp Group, Elumelu shared updates on the company’s operations across its various arms. He noted that Transcorp Hotels, Transcorp Power, and Transcorp Energy have all continued to deliver robust returns, with future plans to list more subsidiaries—including the Abuja Electricity Distribution Company (AEDC), which is currently under Transcorp’s management.
He remarked, “Transcorp Hotels is doing well. So is Transcorp Power, which also manages AEDC, and then there’s Transcorp Energy. The group is thriving—we’re consistently creating value for our shareholders.”
Elumelu revealed that the combined market capitalisation of Transcorp’s listed companies now exceeds $3 billion, or around ¦ 4.5 trillion—excluding unlisted subsidiaries such as AEDC and Transcorp Energy.
“When we assumed control of this company in 2011, Transcorp’s market cap was under $2 billion. Today, we’re looking at over ¦ 4.5 trillion. Since taking over in 2004, we’ve maintained a tradition of paying dividends to shareholders. We’ve just declared ¦ 1 dividend for 2024, and I’m confident 2025 will be even better,” he said.
On the financial front, the conglomerate posted gross earnings of ¦ 408 billion as of 31 December 2024—a 107 percent increase from ¦ 197 billion in 2023. Profit Before Tax rose by 132 percent to ¦ 136.7 billion, up from ¦ 58.8 billion in 2023, while Profit After Tax surged by 188 percent to ¦ 94.1 billion, compared with ¦ 32.6 billion the previous year.
Transcorp’s total assets grew by 42 percent to ¦ 751.6 billion by the end of 2024, rising from ¦ 529.9 billion in 2023. Shareholders’ equity also saw substantial growth, climbing 45 percent to ¦ 271.7 billion, up from ¦ 187.3 billion the year before.
Following this strong performance, the Board of Directors has approved a full dividend of ¦ 1 per share. This includes an interim dividend of 40 kobo per share paid out on 7 August 2024, and a final dividend of 60 kobo per share scheduled for distribution later this year.
Elumelu rounded off with a message of confidence and long-term commitment: “We’re doing what we set out to do—transforming businesses, building value, and delivering for our shareholders. We invite more Nigerians and investors to join us on this exciting journey.”