Transcorp’s CEO Owen Omogiafo Champions Equitable Energy Access, Sustainable Energy Transition and Financing at FII in Saudi Arabia

Transcorp’s CEO Owen Omogiafo Champions Equitable Energy Access, Sustainable Energy Transition and Financing at FII in Saudi Arabia

ALIMOTU SHADIAT

President and Group CEO of Transnational Corporation Plc (Transcorp), Dr Owen Omogiafo, OON, Monday, made a strong case for equitable energy access and gender-inclusive leadership in the energy sector at the Herizon Summit, a central feature of the Future Investment Initiative (FII) currently underway in Riyadh, Saudi Arabia. As a panelist on the topic, “The Green Transition: How Can Women Power Sustainable Supply Chains?”,

Omogiafo emphasized the importance of a pragmatic approach to the energy transition, balancing sustainability goals with the urgent need for energy in underpowered regions like Africa.

Omogiafo underscored the company’s commitment to bridging the energy gap in Africa. “For Africa and many developing regions, the conversation around energy transition must prioritize access,” she remarked, highlighting that millions in Nigeria and other parts of Africa lack reliable power, with significant impacts on economic growth, healthcare, and education.

On the topic of a green supply chain, Omogiafo expressed the challenges involved in achieving a fully green supply system. She noted that the journey towards net zero is complex, with current technologies and systems—such as electric vehicles and renewable energy sources—still relying on fossil fuel-based infrastructure at certain points. “Our focus must be on refining our current systems, enhancing energy efficiency, and ensuring that progress towards sustainability does not neglect critical infrastructure that communities depend on for basic needs,” Omogiafo explained.

She further discussed how Transcorp is addressing these issues through investments aimed at making energy access more affordable and sustainable in the long run.

The Transcorp GCEO also shared her vision of how artificial intelligence (AI) is transforming the energy industry, particularly in operational efficiency and predictive maintenance. “AI can help to better anticipate maintenance needs, helping us avoid costly downtimes and improve the lifespan of our machines, which in turn brings better service and reliability to our customers,” Omogiafo said.

The panel further addressed the significant role women are beginning to play in the global energy transition, with Omogiafo sharing insights from her leadership journey. She reflected on how increased female representation in STEM fields is reshaping traditionally male-dominated industries like power and energy. As Transcorp’s first female Group CEO, Omogiafo has championed programs aimed at empowering women, such as Transcorp’s internship program “Intern X”, which introduces young women to power plant operations and management early in their education to inspire future careers in the field. She observed, “Women are natural nurturers and have a unique leadership style that prioritizes community welfare and environmental sustainability—qualities that align well with the goals of a green transition.”

In addition to discussing Transcorp’s contributions, Omogiafo highlighted how initiatives like the Tony Elumelu Foundation Entrepreneurship Program have encouraged female participation in entrepreneurial ventures related to green energy and sustainability. With women now making up a significant portion of new entrants into green energy sectors, Omogiafo noted that female leadership can contribute to a more inclusive and sustainable energy future.

On an Energy Transition Panel, Tuesday, Dr. Omogiafo discussed the importance of financing Africa’s energy transition while ensuring global energy security. Reflecting on Africa’s young population and unmet energy needs, she urged a pragmatic approach to energy transition in Africa. “We have a continent where, very frankly, energy transition is a luxury when you are poor,” she said, comparing Africa’s energy needs to basic necessities for survival. “We need to bridge the energy poverty that exists on our continent. It’s about securing opportunities for Africa’s young people rather than pushing them towards migration for better chances.”

Dr. Omogiafo used Transcorp’s success in Nigeria to underscore the profitability of African energy investments. “When we acquired a power plant for $300 million around a decade ago, we listed it this year with an initial market cap of about $1.2 billion. In less than five months, it grew by 50% to $1.7 billion.” She emphasized that sustainable energy investments in Africa are both necessary and profitable, citing a 5,000% return on equity for early investors and a 56% return in an industry where 20% is considered strong.

In response to political opinions that discourage African nations from utilizing hydrocarbon resources, Dr. Omogiafo highlighted the need to balance environmental goals with economic realities. “I am not going to look for organic eggs if I’m hungry,” she said. “Africa has hydrocarbons, and we must invest in the technology and processes to harness these resources sustainably.”
As Transcorp Group continues to lead Nigeria’s power generation, she outlined the company’s integrated energy strategy that includes gas-to-power initiatives. She pointed to the potential of African resources: “I came across a study that says Africa has capacity for 10 terawatts of solar, 350 gigawatts of hydro, and 180 gigawatts of wind power,” she said, underscoring Africa’s untapped natural energy wealth.

The Group CEO concluded by calling for a shift in language and approach: “Instead of energy transition, let’s talk about energy addition, where we bridge the gap between energy poverty and sustainable solutions.”

The event provided a platform for Dr. Omogiafo to call on governments, corporations, and international stakeholders to adopt energy policies that are sensitive to local needs and grounded in practical, data-driven approaches. Her message resonated with the summit’s diverse audience, emphasizing that Africa and other emerging regions need flexibility in transitioning to green energy without abandoning existing investments that serve critical needs.

“A green future can only be meaningful when it is accessible to all,” she said, reinforcing her commitment to fostering sustainable, inclusive energy solutions that improve lives across the continent.