Follow Us on Google
The Managing Director/Chief Executive Officer of Transcorp Power Plc, Engr. Peter Ikenga, has said Nigeria’s power sector needs self-sustaining investment across its value chain to improve power supply, stating that the power generating company is committed to Nigeria’s power sector for the long term.
Ikenga spoke 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.”
He said Transcorp Power, one of the two power portfolio subsidiaries of Transcorp Group, will continue to sustain generation, invest in its plant and deliver value to shareholders despite a challenging operating environment.
“Transcorp Power is a long-term player, not a short-term player,” Ikenga said. “This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress.”
According to him, the company’s focus on efficiency and investment underpins its contribution to the country’s power supply.
“We run a highly efficient operation, and we have made significant investments to increase our available capacity, because we understand the value power has for development, progress and prosperity in Nigeria and West Africa.”
Ikenga noted that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power has grown available capacity four folds.
Transcorp Power became the first privatised power generation company to receive a post-privatisation discharge certificate for fulfilling all its privatisation obligations.
He said this discipline is reflected in the company’s unaudited results for the nine months ended 30 September 2026.
Transcorp Power recorded a profit before tax of ₦83.1 billion, while its profit-before-tax margin improved to 31.2% from 29.6% a year earlier. Total assets grew 11.7% to ₦629.5 billion, and shareholders’ funds rose 8.9% to ₦199.8 billion. Cash and cash equivalents increased to ₦10.3 billion, supported by improved collections.
Speaking on the company’s role in grid stability, Transcorp Power MD/CEO said as a black-start provider, Transcorp Power can restart without external power from the grid.
Following a disturbance, “this allows us to support restoration and help bring electricity back to homes, businesses and industries quickly.”
On the future of the sector, 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.
He clarified that the potential requires every part of the value chain to work together. “Everything in the value chain has to work,” he said.
He 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.
“Generating power at scale is beneficial because it is cheap. To industrialise, the grid is a proven system anywhere in the world,” he said.
He also urged stakeholders to join efforts to protect power infrastructure from vandalism.
“We have to protect and secure what we have today in order to guaranty our future,” he said.
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.
