Transcorp Group, a prominent Nigerian conglomerate led by Chairman Tony Elumelu, has reported a significant increase in the market value of its listed entities, reaching ₦4.5 trillion (approximately $3 billion) as of April 2025. This marks a substantial growth from a valuation of less than ₦20 billion when Heirs Holdings acquired the company in 2011.
Power Sector Achievements
Transcorp Power Plc, a key subsidiary of the group, has made notable strides in Nigeria’s energy sector. As of the end of 2024, the company increased its available generation capacity from 500MW to 625MW by recovering an additional 125MW of capacity. This enhancement is part of Transcorp Power’s broader goal to supply 25% of Nigeria’s electricity, up from its current contribution of approximately 12% .
In 2024, Transcorp Power reported impressive financial results:
- Revenue: ₦305.9 billion, a 115% increase from ₦142.1 billion in 2023.
- Operating Profit: ₦114.03 billion, up from ₦64.63 billion in 2023.
- Profit Before Tax: ₦113.3 billion, compared to ₦52.8 billion in 2023.
- Profit After Tax: ₦80.01 billion, a 165% rise from ₦30.2 billion in 2023 .
Additionally, the company fully repaid its $215 million foreign currency acquisition loan taken in 2014, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024.
Hospitality Sector Developments
Transcorp Hotels Plc, the group’s hospitality arm, has expanded its offerings with the launch of a new 5,000-capacity event center, setting a new benchmark for events and hospitality in Nigeria.
Chairman Tony Elumelu expressed pride in the company’s achievements, attributing the growth to robust execution strategies and strong corporate governance. He acknowledged the contributions of the management team, led by Group CEO Owen Omogiafo, and the support of the company’s shareholders. Transcorp Group’s transformation over the past decade underscores its commitment to delivering value to stakeholders and contributing significantly to Nigeria’s economic development.
