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Transcorp Power’s journey in Nigeria’s energy sector commenced in 2013 with the acquisition of the Ughelli Power Plant under the leadership of Elumelu.
The recent decision to sell Transcorp Hotels Calabar exemplifies a wider consolidation trend within the Nigerian hospitality sector.
With a strong revenue and profit trajectory, Transcorp Power remains well-positioned for continued growth and innovation within Nigeria’s energy sector.
The leading lender, led by Elumelu, one of Africa’s most influential business figures, reported a stellar 257 percent increase in profit to N607.7 billion ($468.8 million).
Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), hinted at his intentions during a recent exchange on X, formerly Twitter.
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
NERC levied a N200-million ($0.468 million) fine against AEDC for incorrectly billing customers outside Band A – those exempt from the tariff increase – at the higher rates.
The surge in the company’s revenue led to a significant 74.9-percent jump in profit, reaching N30.23 billion ($23.15 million) at the end of 2023.
As his stake in UBA approaches $50 million, Elumelu’s influence and commitment to Africa’s economic prosperity remain undeniable.
Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.
Heirs Technologies is set to play a pivotal role in shaping Africa’s digital future. The launch signifies a crucial moment in the continent’s technological advancement.
The recent success of Heirs Energies is linked to strategic acquisitions.
Elumelu urged the government to facilitate the transfer of idle gas assets or fields to capable Nigerian investors, fostering gas-related investments and efficient electricity production.
The listing, scheduled for Mar. 4, aims to generate value for investors and signifies a pivotal move in the conglomerate’s commitment to creating value from its business units.
The pledge was reaffirmed at the fourth ECOWAS Mining and Petroleum Forum in Cotonou, Benin.
Elumelu’s influence extends beyond his roles at UBA, where he serves as chairman, and other entities like Transnational Corporation of Nigeria Plc and Heirs Holdings.