The Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has expressed concerns that those responsible for helping President Bola Ahmed Tinubu achieve his mandate on power sector efficiency are unwilling to act.
He also explaiend that the Federal government’s indebtedness to Transcorp Power, amounting to $400 million (approximately ₦600 billion), remains unpaid.Speaking with Journalists on Wednesday in Abuja on the sidelines of the 19th Transnational Corporation Plc Annual General Meeting (AGM), Elumelu said that Nigerians urgently need improvements in electricity access.
He called on the government to settle its debts to help President Tinubu realize his vision for enhancing electricity supply in the Country.“We believe that to fix Nigeria, we must fix power. We are strong supporters of President Tinubu’s Renewed Hope Agenda.“We know that to grow a $1 trillion economy, electricity must be fixed.
Unfortunately, this is not the case today.“The President directed last year that all impediments to the power sector should be removed. However, I am afraid to say that critical individuals who should be working to bring the president’s vision to life are unwilling to do so. I would like to use this opportunity to call on them to help translate the coalition’s ideas into action,” he said.
Elumelu emphasized that the power sector is heavily indebted, and Transcorp Power alone is owed over $400 million (approximately ₦600 billion).He reiterated the need for these debts to be paid to help achieve the President’s vision for improving electricity supply in Nigeria.Regarding the performance of companies under Transnational Corporation Plc, Elumelu said that each of the group’s businesses is performing well.
