Ms Owen Omogiafo_PresidentGCEO of Transnational Corporation of Nigeria Plc
BusinessHighlightTrending Story

Transcorp boosts of 2000 megawatts of electricity generating capacity

486

 

Transnational Corporation of Nigeria Plc (Transcorp) says it has completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000 megawatts.

Mr Tony Elumelu, the Chairman of Transcorp, disclosed this at the Group’s 15th Annual General Meeting held at the Transcorp Hilton, Abuja.

 

Tony Elumelu FDN

Describing 2020 as a challenging year, he said:“It was a difficult year, but we 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.

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

On the hospitality industry, Tony Elumelu said a new digital platform — Aura by Transcorp Hotels which is set to redefine hospitality standards, was launched.

Tony Elumelu thanked the shareholders for their continued support and promised that the group would continue to execute its expansion in line with its mission of improving lives and transforming Nigeria.

On the success of the group’s sustainable expansion strategy, the Chairman said: “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 and gas sectors, emerging as a key player in the energy sector – we are the leading listed investor across these critical sectors.”

Mrs Owen Omogiafo, the President/Group CEO of Transcorp promised to continue to re-invent and leverage on opportunities to attain the vision of improving lives and transforming Nigeria.

Owen Omoghiafo

“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 said.

Earlier, the shareholders of Nigeria’s leading diversified conglomerate, Transcorp have renewed their confidence in the board and management of the corporation and also commended it for declaring dividends in spite of negative impact of the COVID-19 pandemic.

Afam Power Plant

The shareholders also expressed satisfaction with the significant advances in the Group’s integrated energy strategy with the acquisition of Afam Power Plant Plc and Afam III Fast Power Ltd, thereby delivering on the promise to power Nigeria and change lives.

They lauded the resilience and dedication of the board and management despite the challenging global environment in the hospitality subsidiary.

Transcorp is a publicly quoted conglomerate with a diversified shareholder base of over 300,000. The portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors.

The portfolio also includes Transcorp Hilton, Abuja, Transcorp Hotels, Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and the recently launched digital hospitality platform, Aura by Transcorp Hotels.

READ ALSO: Transcorp announces new board appointments, CEOs of subsidiaries –Tran-Afam Power Ltd, Transcorp Energy Ltd

Leave a comment

Related Articles

Equatorial Guinea government official embroiled in sextape scandal

Mr. Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF)...

CAF ruling against Libya: Nigerian govt. promises to protect its citizens in Libya

Nigeria’s Ministry of Foreign Affairs has reaffirmed the federal government’s commitment to...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

Updated: After six years of injustice, Nigeria’s ex-Chief Justice, Onnoghen, finally gets justice

The Court of Appeal, Abuja Division, on Monday, overturned the conviction of...

Flood sacks 4 Anambra council areas as Soludo activates 27 IDP camps

By Emmanuel Ndukuba, Awka Floods have devastated four local government areas in...

Four-month salary: NASU, SSANU secure irrevocable commitment from FG, suspend strike

After a six-day strike, the Joint Action Committee (JAC) of non-teaching staff...

Three radio stations in Abia destroyed by mysterious fire

A mysterious fire has hit three radio stations in Abia in Abia...

Seven new ministers for inauguration on Monday, Nov. 4

President Bola Tinubu will preside over the oath-taking of seven new ministers...

Youth shot dead for playing football near VIP’s house

A 70-year-old man, Mr. Stephen Irobunda, has escaped a mob action in...

Renowned Nigerian filmmaker, director Dimeji Ajibola is dead

Dimeji Ajibola, the acclaimed Nigerian filmmaker behind the popular series Shanty Town,...

Just in: UK Conservative Party elects former Business Secretary Kemi Badenoch as new leader

Former British Business Secretary Kemi Badenoch has emerged as the new leader...

Demolition of Abuja N200bln properties: Restrain Wike, Estate Developers Beg Pres. Tinubu

President Bola Tinubu has been urged to intervene in the alleged demolition...

FirstBank’s retired CEO, Adeduntan, gets presidential commendation

Impressed with his exemplary career trajectory and transformative leadership, President Bola Tinubu...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....

It’s fake news: Fubara did not order shut down of NNPC Ltd, oil companies in Rivers

The Rivers State Government has refuted a report circulating on social media,...

Tinubu to NEC: Allow tax reform bills pass through legislative process, public hearing

President Bola Tinubu has received the National Economic Council’s recommendation that the...

Minister Inspects Bagaja Renewables’ Zawaciki 1MWp Mini-Grid Amid Northern Power Crisis

As northern Nigeria grapples with prolonged power outages, Minister of Power Adelabu...

Just in: Court grants VeryDarkMan N2m bail

Reprieve has come for the detained social media critic, Martins Otse, popularly...

Just in: #EndBadGovernance protest: Teenager collapses in court, forces judge to suspend proceeding

A teenager, one of the 76 people charged before a Federal High...