Malawi’s President Lazarus Chakwera formally acknowledged his defeat in the presidential election on Wednesday, ahead of the official announcement of results.

Preliminary official tallies indicate a significant lead for former President Peter Mutharika, Chakwera’s predecessor, according to Reuters.

Addressing the nation in a televised speech, Chakwera stated, “It is only right that I concede defeat, in respect of your will as citizens and in adherence to the Constitution.” He added, “I am fully committed to a peaceful transfer of power.”

The Malawi Electoral Commission is expected to release the final results later Wednesday. Supporters of Mutharika celebrated at the national results center upon hearing of Chakwera’s concession.