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The Group CEO of Transnational Corporation (Transcorp) Plc, Dr Owen Omogiafo has laid out the vision for how the conglomerate will maintain its rapid growth trajectory by continuing to improve lives and transform Africa.
Dr. Omogiafo who appeared on AriseTV said Transcorp Plc which is listed on NGX had over 300,000 shareholders.
“We want to continue to focus on our purpose of improving lives and transforming Africa. Can you improve lives without dealing with Power, you can’t? Can you put Nigeria on the map without having a strong hotel facility that people can come in and stay in?” Omogiafo said.
“In 2024 we remained resolute on our operational efficiency, ensuring that we are able to manage our plants effectively, despite the challenges of gas, distribution issues.”
Transcorp has continued to be successful through long term vision, resilience and strategic focus on the levers of value and understanding what it means to serve your stakeholders, according to Omogiafo.
Transcorp Plc recorded 107% revenue growth to N407.9 billion ($271 million) in 2024, while Full Year profit rose a massive 189.7% to N94 billion ($62.6 million), signaling strength.
The Transcorp Group power business includes its subsidiary Transcorp Power and another power business, Trans Afam where it has 2 plants.
It also has the Transcorp Hotels as a major subsidiary which owns the flagship Transcorp Hilton Abuja.
“We’ve been able to maintain strong results. Our hospitality business continues to chatter the ceilings. We have remained focused on delivering value for all our stakeholders. Our shareholders are delighted with us,” Omogiafo said.
In the past 10-years the Transcorp Group has been very consistent in paying dividends and with Transcorp Plc the Full dividend is N1 per share for 2024.
“This is impressive knowing that there was no dividend for several years when Transcorp was first set up. But under the leadership of Mr. Tony Elumelu our Group Chairman we have been consistent in giving shareholder value,” she said.
Dr. Omogiafo provided more information about the Transcorp Group subsidiaries, plans for growth and outlook for 2025 below:
Transcorp Power
“Our investment in the Power sector started in 2013. Today we have 3 power generating companies through the privatisation exercise. If we start with transcorp Power Ughelli, when we bought into it in 2013, it was doing about 160 megawatts (MW), as at the close of 2024, our available capacity had risen to 625MW out of an installed 972MW of power.
If you look at Trans Afam which we just got into in 2021, at that time it was 35W on a good day before privatisation. When we closed 2024, our available capacity for Trans Afam had risen to 305MW. That is indeed progress, and when you look at Heirs Energies, Mr Elumelu’s oil company, they are rich in gas in that region,and they have continued to supply gas to TransAfam power and help us to increase our output.
Last year we delighted the market by listing Transcorp Power Plc, on the 4th of March and it was listed at a market cap of N1.8 trillion as at close of business on Friday the market cap was N2.97 trillion. That lets you know the concept of how Nigeria is in terms of increasing investments and getting yields and returns.”
Transcorp Power reported a 115% increase in revenue to N305.9 billion for 2024, equivalent to 61 percent of its 2031 revenue targets being achieved last year with six more years still left (2025 – 2031) in the forecast period.
Profit after tax surged by 165% to N80 billion in Full Year (FY) 2024, from N30.2 billion in FY 2023.
Transcorp Group
“For Transcorp as a Group our installed capacity is 2000MW out available capacity is about 1,000MW due to liquidity challenges we are facing in the electricity market where Transcorp Group alone are owed N650 billion (receivables) from the power we have generated,” Omogiafo said.
“So as an investor I want to do more but we also need to ensure that there is liquidity and the money is coming back so I can continue to re-invest. If you look at our balance sheet our retained earnings is huge, shareholder funds, very respectable, there are issues with gas but more liquidity will help.
Transcorp Group has an asset OPL 21 which is rich in gas in Delta State. If we are able to develop this asset and make more gas available to Nigeria, and if you make gas available, you improve power, and the Fertilizer and other sub-industries that rely on gas for them to perform effectively.”
Transcorp Energy
Transcorp Energy is the future, according to Dr. Omogiafo.
“Nigeria today has a significant quantum of self-generated power, of about 50GW which people use to run their businesses. The world is moving towards sustainable energy and we are looking at energy sufficiency for Nigeria and Africa. Trying to deal with the energy poverty that we are faced with today across the continent.
“Nigeria already has an installed capacity of abot 13,000 MW. To bridge the gap from where we are today to what’s actually needed, we are going to be adding renewable energy sources because we are uniquely positioned with huge solar capacity, wind, water and Transcorp Energy is going to be driving that as well due to the goodwill that we enjoy, you find international partners who are talking to us and asking us what are you thinking and our thoughts, and if they can come partner with us in Nigeria and the continent to see how we are bringing renewable solutions in.
We are also looking at new technology that can make power generation more efficient and power distribution. We were part of the consortium that invested in the Abuja Electricity Distribution Company, to get power to the last mile, and working with Transcorp Energy we are bringing all of these into one umbrella, where we are running that integrated energy strategy, where we have gas from heirs Energy, gas from OPL 21, bringing in renewable sources and of course making sure it gets right to the last mile.”
Transcorp Hotels
“I talked about the need to have a location like a home away from home where you can gather, and that’s what the Transcorp Hilton Abuja is, our 670 room Hotel facility. Our events centre is 5,000 capacity, the first of its kind, in Nigeria in Abuja.
We had ICAN have their annual conference there last year and we are already seeing the interest coming in. Now we have a conference centre that will serve as a convention centre so we are able to compete.We see how Rwanda has transformed itself by being the go-to venue for conferences in Africa.
It’s going to throw up a lot of opportunities for us,” Dr Omogiafo said.
Transcorp Hotels delivered 69% revenue growth to N70.134 billion in Full Year 2024, while profit after tax rose 138% to N14.895 billion.
Women in Leadership
“It’s not without its challenges to be a woman in a leadership position. It has been very rewarding. I have been married almost 22 years with 3 children, and I am a very involved mum. What I say is that as women we are trained to lead, multi-task. Women will always have those challenges, but don’t lose sight of your goal, note that there are other women working alongside you to achieve the successes.
Some days you will be down but most times you are up. Have a support system that works for you, even if you have to invest part of your salary on support staff. Because children are going to grow and leave, and when they do that what do you have for yourself.
Women are making a difference, and we are seeing more and more the way we are taking charge, and because of the way we have been groomed from an early stage to be very high on responsibility, accountability, and that’s why when women are challenged, more often than not we succeed,” she said.
2025 outlook
In 2025, Transcorp Group is going to continue on its proven strategy and the mission set out of improving lives and transforming Africa, according to Dr. Omogiafo.
“In transforming Africa, we will start with Nigeria, and like the whole world says, if you solve Nigeria’s problem, you have solved most of Africa’s problems. Power will continue to be right at the core of what we are doing. There is going to be a lot of focus from us as new investors in Abuja Disco to turn around that company and show how a Power distribution company should be run properly,” Omogiafo said.
For the Power generating company, Transcorp Group has a number of maintenance outages planned as a means of increasing the generating capacity that it already has and also improving effective power generation.
On the hospitality side, the 5,000 capacity event centre is a game changer, according to Dr. omogiafo.
“We are making moves to start up the work on Transcorp Hilton Ikoyi this year, as well as Transcorp Hotels in Port Harcourt which does not have enough hotel assets, and we are looking to do that. We are also looking at other sectors within the country that can help to increase shareholder value.”
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