By Abiola Olawal
Nigerian
Business mogul and banking expert, Tony Elumelu, has revealed that despite the harsh business operating environment, Transcorp Group’s combined market capitalisation on the Nigerian exchange grew from N114 billion to over N4.4 trillion.
Elumelu made this revelation at the Transcorp Group’s 18th Annual General Meeting.
The Chairman of the United Bank for Africa (UBA) said Transcorp Group was able to record such a remarkable feat through a strong corporate governance culture, commitment to sustainability, and consistent focus on improving the well-being of our people.
He said: “Another remarkable milestone is our 10-year streak of unbroken dividend payments. Since its listing on the NGX, Transcorp Group has consistently created value for its shareholders, marking the 10th consecutive year of steady dividend payouts.
“Transcorp Group has also continued to diversify its earning base. Starting with a single asset —
Transcorp Hotels — we have since expanded into the power and energy sectors.
“Our expansion into Abuja Electricity Distribution Company (AEDC) marks a significant and strategic addition to our power portfolio. The highly experienced team is committed to driving successful business transformation and turnaround, a credential we are known for.
“We began investing in power because we recognised the significant role access to electricity will play in Africa’s transformation.
“Power is the engine behind every industrialised and developed nation. Power must therefore be prioritised as a critical aspect of our nation’s transformation agenda. We need power to light up our homes, run businesses, and boost the output of our industries.”
Mr Elumelu called on the Federal Government to establish a special court that is dedicated to prosecuting energy thieves in Nigeria.
He stressed that there is a critical need for stringent measures to combat energy theft, which has been severely detrimental to the country’s power sector.
“It is disheartening to witness the current situation in our industry that is crippling and impeding our power sector. The Nigerian power sector is owed over N2 trillion. Transcorp Power alone is owed over N250 billion as of March 2024. We need this debt settled so the power sector in Nigeria does not collapse,” Elumelu said.
“I call on the Federal Government’s intervention, through the Minister of Power, to tackle the significant issues in the power sector and unlock the value inherent in this critical sector for the benefit of our people.
“Above all, I am immensely proud of Transcorp’s value creation and how we have consistently maintained our position as one of Africa’s leading conglomerates.”
