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
30, 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.”
Heirsholdings2018
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