How I Transformed A Struggling Power Firm Into N1.98trn Company- Tony Elumelu

After listing Transcorp Power Plc on the Nigerian Exchange Ltd, the Chairman of Transcorp Group, Tony Elumelu has narrated how he took over struggling power companies and transformed them into a N1.98trn investment.

Elumelu shared Transcorp Power’s journey after the ‘Fact Behind the Listing’ on the floor of the local bourse in Lagos.

Transcorp Power’s 7,500,000,000 Shares were admitted on the NGX at a share price of N240 per share.

The company, which has nearly 700 Megawatts of power gained 10 per cent from N240 to N264 per share on the first trading day.

As a result, Transcorp Power’s market capitalisation rose from N1.8trn to N1.98trn on the first day of listing.

Elumelu said in an interview monitored by THE WHISTLER, “As the Chairman of Transcorp Group, I am elated and happy to be part of this historic moment. A moment that we are listing Transcorp Power Plc with a market capitalisation of N1.8trn.

“This was a company in 2013 when we started, we had a generating capacity of 160MW. Today, we have over 700MW capacity. Our installed capacity is 972MW. The upside is wonderful, but why is this so a great moment for me?

“It is a great moment for me because this was a company that was not doing well, we took over the company, we turned around the company, we took it to where it is today, and took it to the level where it has been listed.”

The business mogul said his Transcorp Plc, Transcorp Hotel Plc and the newly listed Transcorp Power have a combined market capitalisation of N3.4trn.

“We believe in creating value for all stakeholders. We know that access to electricity is critical for the development of Nigeria. We don’t invest just to make money but in line with our philosophy of Africapitalism to make money in a way that everyone is touched,” Elumelu said.

The businessman, who is also the Chairman of Heirs Holdings, said electricity is critical for poverty eradication and job creation.

Elumelu said, “We are living our life of improving lives and transforming society.”

Transcorp Group acquired the Ughelli Power plant during the privatisation of the power sector in 2013.

In 2023, Transcorp Ltd acquired a 60 per cent stake in Abuja Electricity Distribution Company (AEDC).