Elumelu Calls for Urgent Payment of N4trn Power Debts

Toni Elumelu, Chairman of Transcorp PLC, urged the Federal Government to expedite the payment of N4 trillion in legacy debts owed to power companies to improve electricity availability in Nigeria. This statement was made during the 20th annual general meeting of Transcorp PLC in Abuja.

Elumelu and Owen Omogiafo, Group Chief Executive of Transcorp, confirmed that the Federal Government has commenced repayment of part of these legacy liabilities. Elumelu specifically commended the government for signing an agreement that could lead to the settlement of total liabilities owed to power firms.

Transcorp is currently owed N543 billion. The company approved a total dividend of N20.32 billion for 2025, translating to N2 per share.

The meeting also highlighted a 33% increase in revenue to N544 billion and a similar growth in total assets. Elumelu emphasized the importance of investing in the electricity sector to drive economic development and improve living standards in Nigeria.