Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) strongly commended the Board and management for Transcorp’s impressive contribution to transforming the Nigerian power sector, through its power subsidiary, Transcorp Power.
The commendations were received at the 12th Annual General Meeting of Transcorp, held on April 30th 2018, at Oriental Hotel, Victoria Island, Lagos. The shareholders were responding to Transcorp’s exceptional feat of increasing the available capacity of its power generation plant from 160MW, when acquired in 2013, to 701MW by November 2017, surpassing the demanding performance target of 670MW by August 2018, set for Transcorp by the Bureau for Public Enterprises in 2013. Through its consistent performance, Transcorp has led the power industry in delivering a sustained increase in available and generated capacity in Nigeria, consistently leading the power generation sector in Nigeria, in terms of capacity and with an 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, who thanked the shareholders for their continued support, 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 O. Elumelu, CON, promised shareholders that the Board is committed more than ever before to ensure that Transcorp will continue to touch and transform lives. The Chairman 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.”