Tony Elumelu, Chairman of Transcorp Group, has called on the Federal Government to address the pressing challenges in the power sector urgently.
Speaking recently in Abuja, Elumelu stated that resolving these issues should be a top priority in the nation’s transformation agenda, as improved access to electricity is crucial for the private sector’s success.
Elumelu highlighted the critical role of the government in reforming the power sector, noting, “Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented.
“Fundamentally reforming the power sector is essential to our national economic transformation.”
On his part, Dr Owen Omogiafo, President and Group CEO of Transcorp, outlined the Group’s strategic growth plans, including the upcoming launch of a world-class, 5,000-capacity event centre at the Transcorp Hilton Abuja.
Additionally, the company aims to increase its power generation capacity to support national development.
Dr Omogiafo stated, “The reward for success is more work, and across our Group, we are not relenting.
“We are focused on maximizing 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.”
Transcorp Group reported a remarkable 57% revenue growth, increasing from N90.3 billion in 2022 to N142.1 billion in 2023.
Omogiafo said the performance was driven by successful execution across all business lines, showcasing Transcorp’s ability to deliver outstanding value to its stakeholders.
During the annual meeting, shareholders approved a 10 kobo dividend, marking a 100% increase over the previous year.
Shareholders also commended Transcorp’s unwavering commitment to delivering value and its role in the national economic landscape.
In a related development, Transcorp Hotels Plc, led by Managing Director/Chief Executive Officer Dupe Olusola, has revealed its ambitious plans for expansion across Nigeria and into other African countries.
The announcement follows the company’s recent divestment of its stake in Transcorp Hotels Calabar Limited.
Olusola emphasized the company’s focus on expansion, aiming to establish a more substantial presence in the hospitality industry in Abuja, throughout Nigeria, and eventually across Africa.
