FG Initiates Power Debt Repayment, Says Transcorp CEO

The Federal Government of Nigeria has begun repaying long-standing debts to power generation companies, a development announced by Owen Omogiafo, the CEO of Transcorp Power, during the company's 20th annual general meeting held in Abuja on Friday. Omogiafo described this initiative as a significant step towards resolving liquidity challenges in Nigeria's electricity sector.

The repayment is part of a broader effort to address historical debts totaling ₦3.3 trillion owed to generation companies and gas suppliers. Despite ongoing challenges, including gas supply constraints and transmission infrastructure gaps, Transcorp Power has continued to deliver strong performance, reporting a 33% increase in revenue to ₦544 billion for the 2025 financial year.

The company also recorded a profit before tax of ₦179.5 billion, reflecting improved operational efficiency. The board proposed a total dividend of ₦2.00 per share for the 2025 financial year, comprising an interim dividend of 40 kobo and a final dividend of ₦1.60.