Transcorp Resolves Multi-bullion Naira Power Debt Settlement
- By Metropolix ~
- March 18, 2026 --
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— Owen Omogiafo,, President/Group CEO of Transcorp Plc
By Muyiwa Akinola
Transnational Corporation Plc has announced a breakthrough in resolving long-standing liquidity challenges within its power business, confirming that it has reached strategic settlement agreements regarding its multi-billion naira power receivables.
During a high-level investors’ call following the release of the Group’s 2025 financial results on Tuesday, the leadership revealed that a rigorous reconciliation process with the Nigeria Bulk Electricity Trading Company and the Presidential Committee has paved the way for significant debt recovery.
The President/Group CEO of Transcorp Plc, Owen Omogiafo, assured the investment community that the group is aggressively protecting shareholders’ interests and ensuring that these legacy debts do not erode value.
“We have arrived at some conversations and agreement settlements with the presidential committee as it relates to the debt owed to Transafam, and we continue to speak with them regarding Transcorp Power Ughelli. We are quite confident that we will see a press down on the obligation,” she said.
The CEO further highlighted that the government has demonstrated an unprecedented commitment to clearing the energy sector’s mounting liabilities, noting that the first tranche of funds, reportedly exceeding N500bn, has already been successfully raised via a signing ceremony in Lagos.
This milestone, according to Omogiafo, is expected to lead to substantial write-backs on the group’s balance sheet, directly boosting the conglomerate’s already robust N179.50bn profit before tax.
“What I would like to highlight is that despite this huge debt owed to us, please take a look at our group. We have continued to operate and maintain our turbines, drive our maintenance plan, and improve staff welfare. We have reconciled the numbers that are owed, and those numbers have been signed by us and NBET. This is the highest progress that has been made,” she added.
Despite the historical weight of these receivables, Transcorp’s power subsidiaries, which provide 15 per cent of Nigeria’s grid capacity, have maintained peak operational efficiency.
The MD/CEO of Transcorp Power Plc, Peter Ikenga, emphasised that the group’s ability to sustain generation despite financial delays is a testament to its internal resilience and diversified gas strategy.
He stated, “We recognise the value of ensuring consistent, reliable, and stable power generation. We are consistently working with various gas producers and transporters to ensure that even when they undergo maintenance programmes, we are only slightly impacted.”
As the group looks towards a 2026 year-end target of 760MW average available capacity for Transcorp Power, the resolution of these receivables provides the necessary liquidity to fund aggressive expansion.
The settlement not only de-risks the Group’s energy portfolio but also bolsters the confidence of its 311,000 shareholders, who are eyeing record dividends in the coming months.
“We want to again thank you for your continued interest in Transcorp Group. We are keen to fix power in our country, and power must be fixed. Any impairment you see in our books today are monies that will be written back once this is finalised. We are built to last, and we will deliver even beyond,” Omogiafo concluded.
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