Boss Picks

240mw Afam Turbine: Elumelu Raises Nigeria’s Power Hopes

Published

3 years ago

May 13, 2023

Eric

By Eric Elezuo

During the week, Nigeria’s distinguished entrepreneur, who doubles as Chairman, Heirs Holdings and United Bank for Africa among other heavy and prolific business concerns, Mr. Tony Elumelu, led the President of the Federal Republic of Nigeria, Muhammadu Buhari, who was represented by the Vice President, Prof. Yemi Osinbajo, to the official commissioning of the Transafam Power – a subsidiary of Transnational Corporation (Transcorp) Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State. With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW. The project is powered by Transcorp Plc, .

The project is a subsidiary of Transcorp Group with a 240-megawatt installed capacity plant, comprising eight trailer-mounted gas turbines of 30 megawatts each. The partnership began in November 2020, when the company, led by Tony Elumelu, signed the Afam power, share sale and purchase agreement.

The Commissioning of Afam Three Fast Power plant therefore, came on the heel of the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on privatization (NCP) in a ceremony held at the presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE). It is another of Elumelu’s added advantage in the quest for the provision of the much eluded uninterrupted electricity supply for Nigerians.

The VP had lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector achievement, noting that “Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain.”

A cross section of Nigerians, in major cities of the country, including Port Harcourt and Lagos, who spoke to The Boss, identified power as their most required infrastructure to be their own boss, and so Elumelu’s stride in the power sector is a welcomed development to make for self sufficiency.

This is even as the VP observed that “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco.”

Filled with enthusiasm as having Elumelu make his job easier, the Minister of Power, Engr. Abubakar Aliyu, represented by the Permanent Secretary in the ministry, Temitope Fashedemi, applauded the fast strides of Elumelu, and Transcorp Group for their positive contributions to improving electricity generation in Nigeria.

“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.

Elumelu, whose core entrepreneurial mandate rests on “Improving Lives and Transforming Africa” humbly expressed joy at the ability to be of assistance, using the instrumentality of Transcorp, saying “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny. Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

“Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.”

In his address at the event, Osinbajo went down memory lane, quoting President Buhari regarding how the project came to see the light of the day. He said: “In 2019, electricity subsidy reached a peak of N584 billion in an environment that became so burdensome for the Nigerian government’s fiscal position.

“In 2022, five non-performing distribution companies (DisCos) were brought into a restructuring programme that has led to a N10 billion monthly reduction in shortfalls.

The Man, Tony Elumelu

Tony Onyemachi Elumelu, the influential name associated with Transcorp’s Afam Power Turbine, the great United Bank for Africa, Tony Elumelu Foundation and Heirs Holdings Limited was born on March 22, 1963,. Here is a man who will never cease to create firsts. That is what he was created to do, and has never disappointed. As such, his accolades resonate not just in the Africa sub-regions, but across the globe.

A Nigerian national honours holder, the Commander of the Order of Nigeria (CON), and Member of the Order of the Federal Republic (MFR). It is worth noting that Tony has successfully held various editions of his annual Tony Elumelu Foundation Entrepreneurial Forum with not less than 54 African countries participating each time.

Adding another glorious feather to his retinue of feathers, Elumelu and his team of dedicated achievers, also operate new group insurance companies, namely Heirs Insurance and Heirs Life.

For a man, whose only concern is affecting humanity, it is not surprising that encomiums trail every of his step. In faraway Belgium on November 15, 2020, the man many referred to as business acumen, was conferred with Belgium’s oldest and most important national honours: “The honorary distinction of Officer in the Order of Leopold.”

The award is said to be in recognition of his commitment to the eradication of poverty and the economic empowerment of young Africans. That’s vintage Tony, and it is no wonder he has been able to coin a new lexicon in the dictionary of entrepreneurial intelligence; Africapitalism!

In commemoration of of his diamond jubilee event earlier in the year, a symposium was held in his honour at the Tony Elumelu Amphitheatre in the UBA House with the tag ’60 for 60’. It was attended by 60 young beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme, friends and colleagues.

A distinguished economist by training, visionary entrepreneur and philanthropist, Elumelu acquired and turned Standard Trust Bank into a top-five player in Nigeria. In 2005, his corporate reputation as an African business leader was sealed when he led the largest merger in the banking sector in Sub-Saharan Africa to acquire United Bank for Africa (UBA). In five years, he transformed it from a single-country bank to a pan-African institution with over seven million customers in nineteen African countries.

In 2011, New African magazine listed him as one of the 100 most influential people in Africa, and a year later (2012), he was recognised as one of “Africa’s 20 Most Powerful People” by Forbes Magazine.

Following his retirement from UBA in 2010, Elumelu founded Heirs Holdings, which invests in the financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors. In the same year, he established the Tony Elumelu Foundation, an Africa-based and African-funded philanthropic organisation dedicated to the promotion of excellence in business leadership and entrepreneurship, and to enhancing the competitiveness of the private sector across Africa.

His stated objective at the formation of Tony Elumelu Foundation was to “prove that the African private sector can itself be the primary generator of economic development.” The Foundation is charged with the mission of driving Africa’s economic development by enhancing the competitiveness of the African private sector. As a premier pan-African-focused not-for-profit institution, the Tony Elumelu Foundation is dedicated to the promotion and celebration of entrepreneurship and excellence in business leadership across the continent, with initiatives like The Tony Elumelu Entrepreneurship Programme (TEEP)

In a bid to expand his conglomerate as well as his business horizon, in 2011, through Heirs Holdings, he acquired a controlling interest in the Transnational Corporation of Nigeria Plc (Transcorp), a publicly quoted conglomerate that has business interests in the agribusiness, energy, and hospitality sectors. Elumelu was subsequently appointed chairman of the corporation.

His enterprise is not limited to self financed enterprises as he serves as an advisor to the USAID’s Private Capital Group for Africa (PCGA) Partners Forum. He also sits on the Nigerian President’s Agricultural Transformation Implementation Council (ATIC). He is also vice-chairman of the National Competitiveness Council of Nigeria (NCCN) whose formation he was a key driver in, and serves as Co-Chair of the Aspen Institute Dialogue Series on Global Food Security.

Elumelu additionally chairs the Ministerial Committee to establish world-class hospitals and diagnostic centres across Nigeria, at the invitation of the Federal Government and the Presidential Jobs Board, engineered to create 3 million jobs in one year. He also serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum.

One will not be wrong to address him as a philosopher as well as he is the originator of the term Africapitalism. According to him, Africapitalism is an economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through long-term investments that create both economic prosperity and social wealth. Elumelu sees Africans taking charge of the value-adding sectors and ensuring that those value-added processes happen in Africa, not through nationalisation or government policies, but because there is a generation of private sector entrepreneurs who have the vision, the tools and the opportunity to shape the destiny of the continent. He insists that Africapitalism is not capitalism with an African twist; it is a rallying cry for empowering the private sector to drive Africa’s economic and social growth.

Having studied under Professor Porter at Harvard Business School, Elumelu subscribes to Michael Porter’s concept of Creating Shared Value (CSV). Professor Porter is the Founding Patron of The Tony Elumelu Foundation. In the same vein, CSV refers to the idea that “companies must take the lead in bringing business and society back together.” It asserts that “businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues (society) face(s).”

In 2003, the Federal Government of Nigeria granted Tony Elumelu the title of Member of the Order of the Federal Republic (MFR), a national honour, and in 2006, he was voted African Business Leader of The Year by the Africa Investor magazine and was also recognised as African Banker of the Year in 2008 by the African Banker magazine. In 2009, the Nigerian President Umaru Musa Yar’adua honoured him with a place on the Presidential Committee on the Global Financial Crisis.

In 2012, he was awarded the prestigious National Honour of Commander of the Order of the Niger (CON) for his service in promoting private enterprise. Apart from being recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes Magazine as well as being featured in the New African Magazine’s list of the “100 Most Influential Africans in Business”. He was awarded an honorary Doctorate of Science degree from the Benue State University and an honorary Doctorate of Business Administration from the University of Nigeria, Nsukka.

In 2013, Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute (AAI) Awards. He was also named African Business Icon at the 2013 African Business Awards.

In addition, ESI-Africa, frequently described as “Africa’s power journal”, named Elumelu in its 2015 ‘ESI Most Influential Figures in African Power’ list, in January 2015.

Elumelu is not just a financial wizard; he also writes as well as provides incredible inspiration to writers. Some works that involves him include: How to Excel at Work – Proven strategies for achieving superior work performance by Bili A. Odum – a book inspired by Elumelu’s work ethics.

Elumelu has contributed to the Nigeria Leadership Initiative White Papers, writing on Leveraging private sector approaches in transforming government delivery.

The Power of Vision: Insights on Tony Elumelu is a testimonial compiled on the occasion of his retirement as Group Managing Director/Chief Executive Officer at the United Bank for Africa. It contains messages from Aliko Dangote, former Nigerian President Olusegun Obasanjo, Professor Michael Porter, former World Bank managing director and Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, President of Sierra Leone; Ernest Bai Koroma, former United States Comptroller of the Currency, Eugene Ludwig and Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria.

He has written about his philosophy and the economic development of Africa for several publications around the world including The Economist, the Wall Street Journal and Financial Times.

Tony Elumelu is happily married to Awele Vivian Elumelu, who he married in 1993, and they are blessed with five wonderful girls; Nneka, Ugo, Ogor, Oge and Onyinye.

Sir, for your steadfastness in business and transformation of lives as well as unleashing the Midas touch to anything you are involved in, you deserve once again to be celebrated.

Boss Picks

The Incredible World of Capt. Segun Sotomi @45

Published

7 hours ago

December 6, 2025

Eric

By Eric Elezuo

If there is a limit to paying dues as regards affecting humanity, Captain Emmanuel Adesegun Sotomi, has done absolutely divine, excellently well and incredibly outstanding. And he is only 45 years. Yes, December 5, 2025 was his birthday.

A typical all-rounder, Sotomi is a blend of academic, field and the unthinkable. He is a generalissimo in every field he has found himself; enterprise, camaraderie, business of 9-5 or flying for commercial purposes or pleasure. Sotomi is the future.

A brief of his adapted career trend reveals that Sotomi has seen it all, achieved it all, and can be defined as human technology transfer in the way he has mentored a great number of youths and competitors and contemporaries alike.

Philanthropism; yes, a lot of folks, who know him are full of testimonies of his open handedness, his love to rescue the needy and lift the downtrodden are phenomenal. He is a lover of humanity, a true legend in discipline.

Soft spoken and well read, Sotomi is a dream of every growing youth, who planned to be thoroughly established before the golden age. He is a role model.

Below is a derived biodata of the fast rising pilot-cum-entrepreneur…

Captain Segun Sotomi is a skilled commercial pilot, entrepreneur, and philanthropist. He attended the University of Lagos before going to top-tier aviation schools in South Africa, Canada, and the United States to obtain his pilot licenses. He is currently a captain with Gulf Helicopters Qatar, a subsidiary of Qatar Petroleum.

Capt. Sotomi is licensed to operate both airplanes and helicopters [Licenses include SACAA PL (Airplane); CPL / FAA ATPL (Helicopter)]. His previous work experience includes Nest Oil, where he flew offshore.

He is also the founder and CEO of Southern Shore Integrated Services LTD, an offshore aviation logistics support company, and has a passion for working with, and empowering youths.

Captain Sotomi has served in several management positions in his flying career, and also sits on the board of different top-tier companies.

He is an avid polo player, and is happily married with children.

Happy 45th birthday!

Boss Picks

Meet Muhammad Ashfaq Hussain, CEO at Profound Realtors

Published

12 hours ago

December 6, 2025

Eric

By Eric Elezuo

It takes hard work to work harder. It takes achievement to attract more achievements. And so, at Profound Realtors, hard work and achievements have remained the other of the day, creating leverage for more affordable housings clients in and out of Dubai, and unleashing comfort and peace of mind never experienced anywhere else.

The success of Profound Realtors, the credit it has enjoyed across the world, and the goodies it still have in store for as many that are making up their minds to transact concluding businesses of homes and lands with the company, is attributed to a dedicated team of workers, led by the ever trustworthy Chief Executive Officer, Mohammed Ashfaq Hussain, a seasoned real estate personal with experience spanning years.

Mr Hussain is a handful when it comes to service delivery, customer satisfaction and accountability. His human face to every transaction has placed Profound on the great map of trust, honesty, affordability, reliability and comfort.

One just need to purchase from Profound to prove the grace of service delivery.

Ashfaq Hussain is further presented as a colossus in putting smiles on the faces of clients and every other person he comes in contact with in the entrepreneurial journey.

His biodata is presented as follows:

With over 20 years of experience in Dubai’s dynamic real estate market, Mr. Ashfaq Hussain is a seasoned professional who has witnessed the evolution of the industry from its early leasing days to the launch of freehold properties in 2004. Hailing from a humble background in Pakistan, Ashfaq moved to Dubai with a dream and a determination to succeed—and through hard work and unwavering dedication, he has turned that dream into reality.

Ashfaq’s expertise and passion for real estate have earned him a reputation as one of Dubai’s most trusted realtors. His exceptional track record includes brokering high-value transactions of villas and luxury mansions on the iconic Palm Jumeirah, catering to investors and celebrities from around the globe.

Currently, Ashfaq manages one of the largest celebrity property portfolios in Dubai, and his name is synonymous with excellence in the industry. He is well-regarded by leading developers such as Emaar, Nakheel, Damac, and Dubai Properties.

As the founder of Profound Realtors, Ashfaq now leads a team of experienced real estate professionals, providing top-notch services in luxury property sales, leasing, and investment consultancy. His deep knowledge of the market and dedication to client success continue to make him a respected figure in Dubai’s real estate landscape.

Profound is the name when it comes to affordable houses in Dubai.

Boss Picks

Ghana’s Inna Mariam Patty Called to the Bar of England & Wales with Distinction

Published

1 week ago

November 27, 2025

Eric

Distinguished Ghanaian entrepreneur and philanthropist, Inna Mariam Patty, was officially called to the Bar of England and Wales at Lincoln’s Inn on November 25, 2025, graduating with Distinction from the University of Law.

In an extraordinary show of support, guests travelled from Ghana, Dubai, Uganda, South Africa, the United States of America and across the United Kingdom to celebrate this landmark achievement at both the Call ceremony and the private dinner celebration held afterwards.

Among the high-profile attendees were Miss Patty’s parents, Ambassador Youssif Patty and Mrs. Jameelah Patty, and her siblings, as well as: H.E. Mrs. Zita Benson, Ghana’s High Commissioner to the UK, and Mr. Bobby Benson.

Others were Mr. Kwabena Osei-Danquah, Chief of Staff, Commonwealth Secretariat, London, Ms. Eileen Baguma, HR & Corporate Affairs Director, EACOP Uganda; Ms. Pihillipa Pepera, CEO of Pippas Health Centre, Accra; Mrs. Vangie Mari Patty, Regional Engineering Manager, Puma Energy; General Manager, EIB Network; and Founder & President, Women in Sustainability Africa.

The dignitaries joined family, friends, and colleagues who travelled internationally to honour Miss Patty’s distinguished academic achievement and her transition into the legal profession.

Speaking after the ceremony, Patty remarked: “This milestone is a continuation of my purpose—to use law as a tool for empowerment, justice, and social impact, especially for women and vulnerable communities.”

Patty is widely celebrated for her leadership as CEO of Exclusive Events Ghana Ltd and Chairwoman of the Miss Ghana Foundation, through which she has driven initiatives in education, healthcare, and community development. She also serves as a Board Member of FOCOS Orthopaedic Hospital.

Her exceptional career has earned her recognitions including:

Overall African Woman Achiever (CSR Consultant), African Women Awards 2023
Top 50 Young CEOs in Ghana (Avance Media, 2023)
International Arch of Europe Award (2017)

Patty’s call to the Bar marks a powerful blend of entrepreneurial excellence, philanthropy, and legal advocacy—positioning her as a rising legal voice and social impact leader for Ghana and beyond.

ABOUT INNA MARIAM PATTY

Inna Mariam Patty is a Ghanaian business executive, lawyer, and philanthropist. She is CEO of Exclusive Events Ghana Limited, Chairwoman of the Miss Ghana Foundation, and a Board Member of FOCOS Orthopaedic Hospital. Patty holds an MSc in Accounting and Finance from the London School of Economics, as well as a GDL and BPC with Distinction from the University of Law.