The Managing Director/Chief Executive Officer of Transcorp Power Plc, Engr. Peter Ikenga, has emphasized the need for self-sustaining investment in Nigeria's power sector to improve power supply. He made this statement recently in Lagos as a panelist at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact.” Ikenga's call for investment comes as the power sector continues to face challenges.
According to Ikenga, Transcorp Power, one of the two power portfolio subsidiaries of Transcorp Group, is committed to Nigeria's power sector for the long term. The company will continue to sustain generation, invest in its plant, and deliver value to shareholders despite the challenging operating environment. Ikenga stated that Transcorp Power is a long-term player, not a short-term player, and that the company's focus on efficiency and investment underpins its contribution to the country's power supply.
Since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power has grown available capacity four folds. The company became the first privatised power generation company to receive a post-privatisation discharge certificate for fulfilling all its privatisation obligations. This discipline is reflected in the company's unaudited results for the nine months ended 30 September 2026, which recorded a profit before tax of ₦83.1 billion.
Transcorp Power's profit-before-tax margin improved to 31.2% from 29.6% a year earlier, while total assets grew 11.7% to ₦629.5 billion. Shareholders' funds rose 8.9% to ₦199.8 billion, and cash and cash equivalents increased to ₦10.3 billion, supported by improved collections. The company's performance demonstrates its commitment to delivering value to shareholders and contributing to Nigeria's power supply.
As a black-start provider, Transcorp Power can restart without external power from the grid, allowing it to support restoration and help bring electricity back to homes, businesses, and industries quickly. Ikenga noted that Nigeria has an installed generating capacity of about 13,000 megawatts and an estimated potential of 50 gigawatts, presenting significant room for growth. However, this potential requires every part of the value chain to work together.
Ikenga called for sustained investment and collaboration among federal and state governments, the private sector, and regulators, alongside increased private sector participation, to build a self-sustaining sector. He added that power generated at scale remains the most cost-effective route to industrialisation, and that generating power at scale is beneficial because it is cheap. To industrialise, the grid is a proven system anywhere in the world.
Ikenga also urged stakeholders to join efforts to protect power infrastructure from vandalism, stating that protecting and securing what exists today is crucial to guaranteeing the future. Expressing confidence in the sector's prospects, Ikenga said: “The future is super great.” He assured stakeholders that Transcorp Power will continue to invest in its operations, sustain generation, and deliver superior value to its shareholders and to Nigeria.
Key points
- Transcorp Power MD/CEO Peter Ikenga calls for self-sustaining investment in Nigeria's power sector.
- The company has grown available capacity four folds since acquiring the Ughelli Power Plant in 2013.
- Ikenga urges stakeholders to protect power infrastructure from vandalism to guarantee the future.
