- Tony Elumelu urges the Federal Government to tackle power sector issues and boost the economy.
- Highlights Transcorp’s dedication to governance, social responsibility, and improving lives.
- Transcorp plans a 5,000-capacity event centre, confident in sustainable growth despite challenges.
Tony Elumelu, Chairman of Transnational Corporation Plc, has called on the Federal Government to tackle Nigeria’s power sector issues. He emphasised the need for significant reforms to unlock the sector’s potential and boost the economy.
In a statement to The PUNCH, Elumelu stressed that reliable electricity is vital for private sector growth and national development. He warned that economic progress would only stall with significant improvements in the power industry.
“The power sector’s challenges should be a top priority in our national agenda. The private sector can’t thrive without better electricity access. Reforming the power sector is crucial for our economic transformation,” Elumelu said.
Power companies have repeatedly complained about the large debts the Federal Government owes, which strain the sector.
Elumelu highlighted Transcorp’s commitment to corporate governance, social responsibility, and consistent dividend payments. He noted that the Group dedicates itself to improving lives and transforming communities across Nigeria.
“Transcorp has seen unprecedented growth and shown its ability to deliver more value to stakeholders and the country. Our businesses’ success reflects our strong stance on corporate governance and commitment to improving lives and communities. Despite current economic challenges, the future is exciting,” Elumelu added.
He acknowledged the government’s existing policies but urged more focus on the power sector’s issues. “Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. However, the Federal Government must prioritise the power sector’s issues,” he said.
Transcorp Group President Owen Omogiafo shared the company’s growth plans, including a new 5,000-capacity event centre at the Transcorp Hilton Abuja. Despite current economic challenges, he expressed confidence in sustainable growth and emphasised ongoing efforts to boost power generation and other strategic investments.
“The reward for success is more work. Across our group, we are not relenting. We focus on maximising strengths and opportunities for growth to deliver more value. We are confident that the coming year will bring even more value to our shareholders,” Omogiafo stated.