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Owen Omogiafo has spent years watching Transcorp's power subsidiaries generate electricity for Nigeria while the bills went unpaid. That chapter may finally be closing.
The president and group chief executive officer of Transnational Corporation Plc confirmed during an investors' call following the group's 2025 full-year results that Transcorp has reached strategic settlement agreements on its long-standing power receivables with the Nigeria Bulk Electricity Trading Company and the Presidential Committee on power sector debt.
"We have arrived at some conversations and agreement settlements with the presidential committee as it relates to the debt owed to Transafam, and we continue to speak with them regarding Transcorp Power Ughelli," Omogiafo said. "We are quite confident that we will see a press down on the obligation."
The milestone represents the most significant progress yet on a debt overhang that has weighed on Transcorp's energy business for years. The government has raised the first tranche of funds to clear energy sector liabilities, with that tranche reportedly exceeding N500 billion, and a signing ceremony in Lagos has already been held. Omogiafo said the resolution is expected to trigger substantial write-backs on Transcorp's balance sheet, directly strengthening a group that already posted N179.50 billion in profit before tax in 2025.
"We have reconciled the numbers that are owed, and those numbers have been signed by us and NBET," she said. "This is the highest progress that has been made."
Transcorp's power subsidiaries currently supply approximately 15% of Nigeria's total grid capacity, making the group one of the country's most consequential power producers. That contribution has continued uninterrupted despite the financial delays, a point Omogiafo used to reassure the group's 311,000 shareholders. Peter Ikenga, managing director and chief executive officer of Transcorp Power Plc, attributed the operational resilience to the group's diversified gas strategy and its discipline in maintaining turbines and generation infrastructure regardless of the liquidity environment.
"We recognise the value of ensuring consistent, reliable, and stable power generation," Ikenga said. "We are consistently working with various gas producers and transporters to ensure that even when they undergo maintenance programmes, we are only slightly impacted."
With the debt settlement now advancing, Transcorp is targeting average available capacity of 760MW at Transcorp Power by the end of 2026. The liquidity unlocked by the receivables recovery is expected to fund that expansion and support what Omogiafo described as record dividends for shareholders in the coming months.
"We are built to last, and we will deliver even beyond," she said.
