Tony Elumelu’s Giant Leaps in Power Project

With innovative business people like Tony Elumelu on the block, newcomers to the business industry are bound to suffer bouts of depression and panic every time Elumelu delves into another sector or invests billions of Naira into a single venture. Since these happen every time, Tony Elumelu has become a mountain before his peers: acknowledge his supremacy or melt away to obscurity in the face of his gigantism.

Frontier businessman, Tony Elumelu, has once again broken new grounds in the Nigerian business sector. A few years ago, Elumelu made the covers of print because he delved into the power sector and acquired the Ughelli Power Plant, one of the six power generation companies of the Power Holding Company of Nigeria (PHCN). Elumelu’s Transcorp Power Limited acquired a second power plant, the 966MW AFAM Power Plant. Elumelu’s company has now reportedly become the number one company in West Africa with the most installed power-generating capacity.

According to reports, Elumelu’s Transcorp Consortium shelled out about 105.3 billion to acquire Afam GenCo (which consists of Afam Power Plc and Afam Three Fast Power Limited). The result is the possession of a power plant with an installed capacity of 966MW.

At this rate, Elumelu might become the sole power (electricity) authority in Nigeria. Of course, considering the man’s abilities and heart for progress, this might not be a bad thing. Nevertheless, Elumelu’s recent accomplishment in the power project is something worth lighting a candle for.

Certainly, Elumelu is very well-liked because he is an advocate of indigenous economic growth and development. His Transnational Corporation of Nigeria plc (Transcorp) has become a symbol of the idea of Africapitalism that Elumelu champions. Understandably, every sector in which the company has taken an interest (hospitality, agribusiness, and energy, especially) has experienced a long overdue tempering. Folks are hoping that this thread will not be broken with Elumelu’s consolidation of his investments into the power/energy sector.