The Chairman of the Transcorp Group, Tony Elumelu, has called for urgent steps to be taken in addressing the current problem in the power sector.
Speaking on CNBC Africa, Elumulu said the power sector is a walking corpse, at the edge of collapse.He said,“The agency of government that has responsibility for making sure that this sector delivers on its potential is not doing well enough. We are owed a lot of money.
“Transcorp Power Holdings is owed almost N50 billion. When we put in the invoice for this month, we should be owed almost N54 or N55 billion. How do you survive in business like this? How? Other GenCos I know are actually dying.
“We are struggling because of our diversified resource base, what of others? Something urgent and drastic must be done. It is as urgent as yesterday.
“The truth is Transcorp power, as a key operator in the sector, is struggling. And if we are struggling, you can imagine what others are going through. Elumelu went on to ask the government to allow it generate its own gas, adding that, “where we are located, we are sitting on a lot of gas.”