Chairman of Heirs Holdings, Transcorp and United Bank for Africa (UBA), Tony Elumelu, has urged the Federal Government to fast-track the settlement of debts owed to electricity generation companies (GenCos), saying that timely payment was critical to boosting power supply and accelerating economic growth.
Elumelu spoke to State House correspondents on Friday after meeting with President Bola Tinubu at the Presidential Villa, Abuja, where he said their discussions centred on strengthening small and medium-scale enterprises (SMEs), stabilising the economy and revitalising the power sector.
“All of us who are in the power sector are owed significantly,” he said. “But in spite of that, we continue to generate electricity. We want to see the payments made so that there will be more provision of electricity to the country. Access to electricity is critical for the development of our economy.”
Elumelu, whose conglomerate has major investments in Nigeria’s power industry, stressed that improving electricity supply remains one of the most important enablers of economic expansion, job creation and industrial productivity.
He noted that President Tinubu recognised the urgency of resolving the liquidity challenges in the power sector and is committed to addressing legacy debts to ensure generation companies can scale operations.
“The President realises it, embraces it and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that power generators can do more for the country. That is very, very critical,” he added.
On the broader economy, Elumelu declared that foreign exchange pressures that previously strained the banking sector have largely eased, describing recent monetary reforms as encouraging.
“If you look at what the Central Bank Governor and his team are doing, it is quite encouraging,” he said. “What is important in an economy is predictability and stability, so you can plan very well.”
Drawing a comparison with previous years, the UBA chairman said access to foreign exchange was no longer dominating banking conversations.
“There was a time before, if I got 10 calls on banking issues, seven of those calls were about how to access foreign exchange. Today, if you get 10 calls on banking issues, not even one is on FX. That market is totally sorted,” he said.
According to him, improved stability in the FX market has restored confidence among investors and business owners, enabling better planning and long-term decision-making.
He commended President Tinubu for creating the policy space that allows the monetary authorities to implement reforms aimed at restoring order in the foreign exchange market.
Elumelu also disclosed that discussions with the President focused heavily on supporting small and medium-scale enterprises, which he described as the engine of economic growth.
He expressed satisfaction with the President’s commitment to using tax reforms and development finance institutions, particularly the Bank of Industry, to deepen access to funding for small businesses.
“Mr. President is very passionate about capacitating small and medium-scale entrepreneurs in Nigeria,” he said. “I was super impressed. That is what Nigerian youth need.”
Elumelu, founder of the Tony Elumelu Foundation (TEF), said alignment between government policy and private sector initiatives would be critical in driving inclusive growth and empowering young entrepreneurs.
In his assessment of the outlook for 2026, he said growing macroeconomic stability, improved foreign exchange management and sustained reforms in the power sector could position Nigeria for stronger growth — provided implementation remains consistent and structural bottlenecks are addressed.
For Elumelu, however, one priority stands out: resolving power sector liquidity challenges to unlock increased electricity generation and energise the Nigerian economy.
