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Transcorp Takes Over Ughelli Power Plant

Fri, 1st Nov 2013

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Lagos, Nigeria. –November 1, 2013 – Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) today officially took physical ownership of Ughelli Power Plc, the owner and operator of the 1000MW capacity Ughelli Power Plant following a handover ceremony hosted by the Nigerian Federal Government. The ceremony was held at the plant located in Ughelli, Delta State with Government representatives, community leaders and other key power stakeholders in attendance.

Vice President Namadi Sambo, GCON, FNIA who was represented by Mr. Emeka Wogu, the Honorable Minister for Labour and Productivity said: ‘This handover ceremony is the culmination of 14 years of painstaking efforts by the NCP and its Secretariat, the Bureau of Public Enterprises (BPE), the Federal Ministry of Power and other key stakeholders to reform and liberalize Nigeria’s electricity industry. This reform and privatization programme is rightly focused on the big picture, that is, the impact on the economy as a whole and ultimately, the greatest good for the greatest number of Nigerians. I congratulate Transcorp for emerging as the successful winner through a very rigorous, competitive and transparent process. We appreciate your faith in the process and your faith in the Nigerian Government and economy.’

Ughelli Power Plc, operator of the Ughelli Power Plant is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). By August 21, 2013, TUPL had effected full payment of $300million (three hundred million dollars) to the Bureau of Public Enterprises (BPE) representing 100 per cent of TUPL’s bid price for the plant.

Tony O. Elumelu, CON, Chairman of Transcorp, while commenting on the successful handover ceremony remarked:
I would like to thank the administration of President Goodluck Jonathan for their diligence towards achieving this significant milestone in the history of the Nigerian power sector.’ He added that Transcorp and its partners Tenoil, Symbion Power, Thomassen and Woodrock Energy are well positioned and have the required expertise to operate a world-class power generation plant that will transform the Nigerian Power sector and change the lives of its citizens.

Mr. Elumelu further re-stated Transcorp’s unflagging commitment to invest in host communities wherever the organization operates with the aim of creating jobs, providing training and ensuring vital knowledge and skills transfer where possible thus ensuring sustainable contribution to Nigeria’s economic and social development . ‘We will actively engage the local communities in and around Ughelli to work together with the unified objective of ensuring that lives are improved and our larger economy revived.’

Adeoye Fadeyibi, the Chief Executive Officer of TUPL affirmed that the Power sector reform of the Federal Government has indeed created the right platform for sustainable economic development in Nigeria.
This is just the beginning of greater things to come. TUPL is poised to positively impact on the socio-economic development of Nigeria by improving living standards through regular and adequate power supply. We will increase the power generation of the plant from 300MW to over 1500MW in the next five years and we have the requisite capacity in finance and human capital to achieve our strategy.

-Ends-
About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL 281.

For more information about Transcorp, please visit www.transcorpnigeria.com

 

Contact:

Dupe Kupoluyi Olusola

Director of Resources

Transnational Corporation of Nigeria Plc

38 Glover Road (formerly 22B)

Ikoyi, Lagos

Tel: +234-1-9033946-50

Email: dolusola@transcorpnigeria.com