Peter Ikenga: Nigeria’s Power Sector Needs Self-sustaining Investment

Managing Director and Chief Executive Officer of Transcorp Power Plc, Engr. Peter Ikenga, has emphasized the need for self-sustaining investment in Nigeria's power sector to improve power supply. Speaking at the Shell Power Conference, Ikenga, a panelist, highlighted Transcorp Power's commitment to the long-term growth of the power sector. The power generating company, a subsidiary of Transcorp Group, has invested in its plants and is focused on efficiency to deliver value to shareholders and power progress.

Ikenga noted that Transcorp Power has grown its available capacity fourfold since acquiring the Ughelli Power Plant in Delta State in 2013. The company has recorded a profit before tax of ₦83.1 billion, with a profit-before-tax margin of 31.2%, reflecting its disciplined operations. Transcorp Power has also seen an increase in total assets and shareholders' funds, as well as improved cash collections.

The company's role in grid stability is significant, as Transcorp Power can act as a black-start provider, restarting power generation without external power from the grid following disturbances. Ikenga stressed the importance of collaboration among federal and state governments, the private sector, and regulators to build a self-sustaining power sector.

He called for sustained investment and increased private sector participation to enhance power generation at scale, which he believes is the most cost-effective route to industrialization. Ikenga urged stakeholders to protect power infrastructure from vandalism to ensure a secure future for the sector, expressing confidence in Nigeria's power sector prospects.