- Transcorp Power CEO Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply.
- The company reported N83.1 billion in profit before tax for the nine months ended September 2026.
Transcorp Power Plc has called for sustained investment across Nigeria’s electricity value chain to improve power supply and establish a financially sustainable electricity market. The company’s Managing Director and Chief Executive Officer, Peter Ikenga, made the call at the third edition of the Shell Power Conference in Lagos.
The conference focused on the theme, “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact.” Ikenga reaffirmed the company’s commitment to Nigeria’s power sector, saying it would continue investing in its operations despite prevailing business challenges.
He said Transcorp Power would prioritise electricity generation, operational improvements and shareholder value while supporting electricity supply to schools, hospitals and businesses.
Transcorp Power Expands Generation Capacity
Ikenga disclosed that Transcorp Power had quadrupled the available generation capacity of the Ughelli Power Plant since acquiring the facility in Delta State in 2013.
He also said the company became the first privatised power generation company to receive a post-privatisation discharge certificate after fulfilling its privatisation obligations. The company’s unaudited financial results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion.
Its profit-before-tax margin increased to 31.2 per cent from 29.6 per cent in the corresponding period of 2025. Total assets rose by 11.7 per cent to N629.5 billion, while shareholders’ funds increased by 8.9 per cent to N199.8 billion. Cash and cash equivalents also reached N10.3 billion, supported by improved collections.
Black-Start Capability Supports Grid Restoration
Ikenga highlighted the company’s black-start capability as an important contribution to national grid stability. He explained that the capability allows Transcorp Power to restart operations without relying on electricity from the national grid.
This enables the company to support electricity restoration following grid disturbances and helps reconnect homes, businesses and industries to power supply.
Ikenga noted that Nigeria has approximately 13,000 megawatts of installed generation capacity, against an estimated potential of 50 gigawatts. He said the country would need effective coordination across the entire electricity value chain to realise this potential.
Power Sector Debt Remains a Major Challenge
Ikenga called for stronger collaboration among federal and state governments, regulators and private-sector operators. He stressed that increased private investment and coordinated action would help build a sustainable electricity market.
Also speaking at the conference, Association of Power Generation Companies Chief Executive Officer Dr Joy Ogaji highlighted the sector’s mounting debt burden.
She disclosed that the government owed generation companies approximately N6.8 trillion, while gas suppliers were owed about N3.3 trillion. These outstanding payments continue to place pressure on electricity generation and the wider power sector.