Transcorp Power, a subsidiary of Transcorp Group led by Nigerian businessman Tony Elumelu, plans to add 150 megawatts to Nigeria’s national grid to help alleviate the country’s persistent energy shortages. CEO Owen Omogiafo shared the news at the Future Investment Initiative conference in Saudi Arabia, where she announced a memorandum of understanding (MoU) with Nigeria’s Rural Electrification Agency to expand renewable energy generation nationwide.
“We are dedicated to bridging Nigeria’s energy gap,” Omogiafo stated, highlighting Transcorp Group’s commitment to strengthening energy access through strategic investments and partnerships in renewable energy. The MoU aims to support the addition of 150 megawatts of renewable capacity to the country’s electricity infrastructure.
Despite these efforts, Omogiafo pointed out challenges, especially with gas shortages affecting production. For instance, Transcorp’s Afam power plant in Rivers State has an installed capacity of 301 megawatts but can currently produce only 100 megawatts due to limited gas supply. “Although Nigeria has an installed capacity of around 13,000 megawatts, only about 5,000 megawatts are generated,” she explained. Omogiafo called for an integrated gas-to-power strategy to address the energy shortfall and tap into Africa’s energy potential.
Financially, Transcorp Power has performed well, reporting over $35 million in profits for the first nine months of 2024. The company, which provides 15.5% of Nigeria’s electricity supply with an installed capacity of approximately 2,000 megawatts, has expanded its market presence through key acquisitions like the Ughelli Power Plant in 2013 and Afam Power Plant in 2020. Under Elumelu’s leadership, Transcorp Power’s strategic growth and strong financial results underscore its mission to help resolve Nigeria’s power challenges.