The market value of Transnational Corporation Plc (Transcorp Group) has soared to N4.5 trillion, equivalent to $3 billion, according to its chairman, Tony Elumelu.

Speaking at the company’s 19th Annual General Meeting held on Thursday, Elumelu emphasized the remarkable growth the group has experienced since his team assumed leadership in 2011.

“When we took over this company in 2011, the market cap of Transcorp was actually N20 billion.

Today, the group’s market cap is N4.5 trillion,” he stated, addressing shareholders and the press.

He credited shareholders for their support over the years, noting that their joint efforts have contributed to the steady rise in the company’s value.

“When we took over this company, it was founded in 2004.

By the time we took over in 2011, we had not paid dividends even once.

But since we took over, we have consistently paid dividends to shareholders,” Elumelu added.

The AGM follows the recent release of Transcorp’s audited financial results for the year ending December 31, 2024, which showed a pre-tax profit of N136.6 billion—a 132.41% jump from the N58.8 billion posted in 2023.

Total revenue for the group also saw significant growth, reaching N407.9 billion, up 107.07% from N196.9 billion the previous year.

Notably, the power sector was responsible for 82.8% of that revenue.

Elumelu confirmed that gross earnings hit N408 billion by the end of 2024, reflecting a 107% increase from N197 billion in 2023.

Total assets climbed to N751.6 billion, marking a 42% increase from N529.9 billion the previous year.

Shareholders’ funds rose by 45%, from N187.3 billion in December 2023 to N271.7 billion in December 2024.

In line with its performance, the company’s board proposed a full dividend of N1.00 per share, which received approval from over 70% of shareholders present at the AGM.

Elumelu explained that the dividend included “an interim dividend of 40 kobo (equivalent to 10 kobo per share pre-capital reconstruction) paid on August 7, 2024, and a final dividend of 60 kobo per share for approval at the 19th Annual General Meeting, totaling a dividend of N10,161,997,573.25.”

While celebrating the company’s performance, Elumelu used the platform to draw national attention to Nigeria’s power sector, which he described as the most critical barrier to economic growth.

“We must be able to fix power to fix and transform Nigeria,” he said.

He pointed to persistent challenges such as illiquidity, weak infrastructure, and gas supply issues that continue to hamper the sector.

“The dominant challenges for the power sector, namely illiquidity, infrastructure, and gas availability, remain unresolved, 20 years after some of us invested heavily in this sector,” he noted.

Elumelu disclosed that the federal government currently owes Transcorp over N600 billion, or approximately $400 million, for power services rendered.

“Much as we, as patriotic Nigerian investors, are committed to supporting the development of the federal government in facing the economy, we have been under the excruciating burden of subsidizing the sector,” he said.

He described the current trajectory of the power sector as unsustainable and called for swift intervention.

While recognizing recent efforts by President Bola Tinubu’s administration, including moves to pay off debts owed to generation companies and increase access to electricity meters, Elumelu emphasized that these policies must be executed decisively.

“While the intentions behind these initiatives are very good, they can only be achieved through ruthless, result-oriented, and timely execution of the initiatives before this sector collapses, with its attendant consequences,” he warned.

He urged those involved in implementing the president’s power sector directives to treat it as a matter of national urgency.

“They should expedite action to fully pay the huge debt owed by completing the process already initiated towards the end of last year,” Elumelu stated.

He further called for rapid deployment of metering infrastructure and improvement in transmission systems.

Additionally, he emphasized the importance of creating special incentives to stimulate investment in Nigeria’s gas sector.

Elumelu expressed optimism that the new leadership at the Nigerian National Petroleum Corporation (NNPC) would help accelerate gas development initiatives.