Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) has commended the firm’s impressive contribution to transforming the Nigerian power sector, through its subsidiary, Transcorp Power.
At the corporation’s 12th Annual General Meeting of Transcorp, on Monday in Lagos, shareholders lauded the increasing capacity of the power generation which surpassed the 670MW capacity by 2018, the target set by the Bureau for Public Enterprises (BPE) in 2013.
The company’s capacity was 160MW when acquired in 2013 but the management grew it to 701MW by November 2017.
Transcorp has shown consistency, sustaining its available and generated capacity in Nigeria, and leading the sector with impeccable health and safety record.
Transcorp continues to be the backbone for improved access to electricity across Nigeria, and this was emphasised by the National President, Association for the Advancement Rights Nigerian Shareholders, Dr. Faruk Umar, who expressed appreciation for the commendable performance of the company.
Transcorp’s President/CEO, Adim Jibunoh, thanked the shareholders for their continued support, and informed them that beyond the company’s power sector strategy, Transcorp is aggressively pursuing the conclusion of its $100m upgrade of the Transcorp Hilton Abuja hotel, with a target of July 2018 for completion, while plans have been concluded for the development of Transcorp Hilton hotels in Lagos and Port Harcourt.
Transcorp’s Chairman, Tony Elumelu, assured of the Board’s committment more than before to ensure that the company continues to touch and transform lives.
He informed shareholders of the Board’s commitment towards developing the company’s oil and gas assets, as well as optimizing the huge gas deposit in OPL 281, by constructing a 40 km gas pipeline for dedicated gas supply to Transcorp’s power plant at Ughelli.
This, he noted, is part of the energy value-chain optimization strategy of Transcorp, which was directed at creating the leading infrastructure player in Nigeria, playing the dominant role in bridging Nigeria’s infrastructure and power deficits. Mr Elumelu said, “Our corporate ambition is nothing less than the transformation of Nigeria’s power sector, which in turn is the critical enabler of Nigeria’s broader economic transformation.”
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