The Business NG - April 18, 2025

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BusinessNG Focuses on Rising Billionaire Power Play in Nigeria’s Electricity Sector

BusinessNG will today focus on a quiet but powerful shift underway in Nigeria’s electricity landscape — one that sees the country’s wealthiest individuals taking firm control of key segments of the power value chain.

More than a decade after the privatization of the Power Holding Company of Nigeria (PHCN), a group of billionaire investors are not just participating, but increasingly dominating the generation and distribution ends of the sector. From industrialists to banking moguls, these power players are reshaping the future of electricity in Nigeria.

Africa’s richest man, Aliko Dangote, leads the pack with an energy footprint that reaches up to 1,500 megawatts of captive power — enough to run his cement factories, refineries, and more. Although current regulations restrict him to using this energy internally, the scale of his operations reflects his significant hold on the sector.

Equally prominent is Tony Elumelu, the banking and energy tycoon whose company, Transcorp Power Plc, runs the Ughelli Power Plant in Delta State — one of Nigeria’s largest. Elumelu’s group has also secured a 60% stake in one of the nation’s key distribution assets, further solidifying his dual presence in both power generation and distribution.

Stay with BusinessNG as we unpack how this consolidation of electricity assets by Nigeria’s billionaires is poised to redefine energy delivery, competition, and regulation in Africa’s largest economy.