Nigeria: Transcorp Boosts Investment in Power Sector
The Transnational Corporation of Nigeria Plc, Transcorp, has intensified its presence in the country’s power and petroleum sectors.
Speaking at the diversified conglomerate’s Annual General Meeting (AGM) held in Abuja, Nigeria, the shareholders noted the major advances made by Transcorp in the Group’s integrated energy strategy.
Most notable was the acquisition of Afam Power Plant Plc and Afam III Fast Power Limited.
Transcorp's shareholders also commended the company for declaring dividends despite the negative impacts of the Covid-19 pandemic.
Mr. Tony Elumelu, the Chairman of Transcorp, thanked the shareholders for their continued support. He promised that the Group would continue to execute its expansion in line with its mission of 'Improving Lives and Transforming Nigeria'.
Speaking further, Mr. Elumelu said “It was a difficult year, but we adapted, proved resilience, and continued to invest – delivering the US$300 million Afam acquisitions in the middle of the pandemic illustrated our unwavering commitment to the Group’s success."
BREAKING! In line with our ambition to generate 25% of Nigeria’s electricity requirements, we have just acquired Afam GenCo, a natural-gas-fired power generation facility in Oyigbo, Rivers State with a combined installed capacity of 966MW. pic.twitter.com/MVXqdMZ0vl— Transcorp PLC (@TranscorpPLC) November 5, 2020
Mr. Elumelu also stated that “Our team added value across our portfolio. In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW. This acquisition 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.”
#OnThisDay seven years ago, we took over Ughelli Power Plc (UPP), which owned Nigeria's largest fossil fuel based electricity generating plant, as Transcorp Ughelli Power Limited (TUPL), under the Power Sector Privatization exercise of the Federal Government of Nigeria. pic.twitter.com/MD5XFQEtUr— Transcorp PLC (@TranscorpPLC) November 1, 2020
Also speaking at the AGM, Owen Omogiafo, the Group CEO of Transcorp, stated “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.”
Top Photo: Afam VI power plant in Rivers State, Nigeria (@Shell_Nigeria Twitter Handle)
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