By Emma Ujah, Abuja Bureau Chief

Transnational Corporation (Transcorp) PLC has reached a market capitalization of ₦4.5 trillion, according to its Chairman, Mr. Tony Elumelu. He made the announcement during the company’s 2024 Annual General Meeting (AGM) held in Abuja on Tuesday.

Mr. Elumelu noted that the company’s subsidiaries in power, hospitality, and other sectors are performing well and have consistently paid dividends to shareholders.

“The combined market capitalization of Transcorp companies is over $3 billion—over ₦4.5 trillion,” Elumelu said. “This figure excludes our transport companies, Abuja Electricity Distribution Company (AEDC), and our transport energy ventures, which we expect to list in the future.”

He also highlighted the company’s growth trajectory, stating that when his group took over in 2011, Transcorp’s market cap was under $2 billion.

Transcorp was established in 2004 during the administration of former President Olusegun Obasanjo, with a vision to become a major Nigerian conglomerate.

“When we took over in 2011, the company hadn’t paid dividends. But since then, we’ve paid dividends every year. We’ve just declared dividends for 2024, and we expect 2025 to be even better,” he said.

Mr. Elumelu revealed that the company is now exploring investments in other critical sectors, including agriculture and renewable energy.

“Shareholders want us to look into sectors that align with national development goals, including agriculture, which creates jobs, and the broader energy sector,” he said.

“We’ve recently explored investment opportunities in agriculture, and we’re particularly interested in renewable energy.”

Group Chief Executive Officer (GCEO), Dr. Owen Omogiafo, emphasized the company’s long-term vision of impacting lives and transforming the African continent.

“Our purpose is to improve lives and transform Africa. It’s a bold ambition, but we are focused on key sectors—power, hospitality, and energy,” she said.

She added that despite challenges in the power sector, Transcorp has increased its available capacity and is maximizing its power generation. In hospitality, she noted that Transcorp continues to maintain and exceed international standards.

“Despite inflationary pressures, we have not only maintained but surpassed global benchmarks. Our hotel remains one of the best-run establishments globally,” she said.