Tuesday, September 26, 2023


Invest in power sector to alleviate poverty in Africa, Elumelu tells private sector leaders

Invest in power sector to alleviate poverty in Africa, Elumelu tells private sector leaders
May 09
08:11 2023

Tony Elumelu, chairman of Heirs Holdings, has called on private sector stakeholders to ensure adequate investments in Africa’s power sector. 

Elumelu, who is also the chairman of Transcorp Power Limited, spoke on Monday while receiving the discharge certificate of the Ughelli power plant.

The certificate was presented to the United Bank for Africa (UBA) chairman by Vice-President Yemi Osinbajo prior to the commencement of the National Council on Privatisation (NPC) meeting.

The Ughelli power plant, a gas-fired thermal plant with 972 megawatts (MW) capacity, has been privatised since 2013.


Speaking with journalists on the sidelines of the event, Elumelu said the company has been operating under strict safety standards since Transcorp Group took over in 2013. 

“We have been operating since 2013 and there has been no incident and health standards and we will continue to see it that way because we know that in the 21st century, sustainability is key, health is important and safety is extremely important. And so we bring all of these together in what we do at Transcorp Group,” he said.

“And finally, I would like to say that we do not grow alone at Transcorp Group; we grow with the community. We have grown with that community. We have helped to develop the community we are operating in.”


Elumelu added that the company has created jobs and empowered people economically. 

“We have a functional hospital. We have primary and secondary schools, and we will continue to do more. And we believe in life that that philosophy that Africapitalism is a symbiotic relationship,” the Transcorp Power chairman said. 

“We support the community and the community supports us. We see a tie in destiny in all of us. So for us at Transcorp, it is about improving lives and transforming our society.

“I want to use the opportunity to call on friends, Africans and private sector leaders to prioritise the power sector in Nigeria and Africa so that we can lift our people out of poverty and create job for our young ones.”


Elumelu noted that lives of Africans cannot be sufficiently improved without “massive” investment in access to electricity.


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