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Transcorp Boosts Power Generating Capacity by 2000mw, Advances Energy Strategy

Shareholders of Transnational Corporation of Nigeria Plc expressed confidence in the ability of the board and management to continue piloting its affairs to ensure it remains sustainable in the years to come, especially judging by the group’s recently unveiled integrated energy strategy. 

Addressing the group’s 15th Annual General Meeting (AGM), at the Transcorp Hilton Abuja, Tony Elumelu, Chairman of Transcorp, said the group successfully acquired the Afam Power Plant Plc and Afam III Fast Power Ltd, as part of delivering on its promise to power Nigeria and change lives, thereby taking installed capacity to nearly 2,000 megawatts of power

Elumelu

Although the year under review was a difficult one, he said the group “adapted, proved resilience and continued to invest – delivering the $300m Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the group’s success.”

Continuing, he said completing the acquisition of Afam Power Plc and Afam III Fast Power, “demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa. 

“In oil & gas, the group is driving forward investment in OPL 281 and participated in the acquisition of OML17.

“In hospitality, a new digital platform, Aura By Transcorp Hotels, which is set to redefine hospitality standards, was launched,” he stressed.

Speaking on the success of the group’s sustainable expansion strategy, the chairman reassured that “Transcorp has an extremely bright future. We have experienced an extraordinary transformation, from a narrow focus on hospitality to our disciplined expansion across key sectors.

“Today, Transcorp has diversified its interest into the power and oil & gas sectors, emerging as a key player in the energy sector – we are the leading listed investor across these critical sectors.”

Mrs. Omogiafo

Also speaking at the annual meeting, Mrs. Owen Omogiafo, President/Group Chief Executive said “at Transcorp, we continue to re-invent ourselves and position for opportunities that we can leverage to attain our vision of improving lives and transforming Nigeria. 

“Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market,” she added.

Reacting to the reports and outlook for the group, the shareholders commended the directors for declaring a dividend, despite the negative impact of the Covid-19 pandemic on its hospitality subsidiary. 

Picture caption: Tony Elumelu and other directors at Transcorp Plc AGM held on Monday, April 26, 2021.

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