Lagos, Nigeria – November 30, 2015 – Today, Transnational Corporation of Nigeria Plc (Transcorp) today announced the successful merger of its two power subsidiaries Transcorp Ughelli Power Ltd and Ughelli Power Plc. The merged companies are now a single entity called Transcorp Power Limited.
This is a significant milestone in the corporate history of Transcorp.
The merger was designed to harmonize the management and operations of Transcorp’s power business for greater efficiency. Greater operational efficiency will undoubtedly lead to higher output in terms of power generation and increased shareholder value. Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel generating plant.
“While our structure has changed, our objectives have not. As one of the leading power generating companies in Nigeria, our focus remains on aggressively increasing our output and expanding our capacity to generate at least 25% of Nigeria’s power,” said Tony O. Elumelu, CON, Chairman of the Transcorp Power board.
“We have increased power generation by more than 525% in the two years since we acquired Ughelli Power Plant, which makes ours the fastest growing among privatised power assets in the country. We are aggressively pursuing our generation recovery capacity programme and are on course to deliver 760MW by December 2015, said Adeoe Fadeyibi, CEO of the newly minted Transcorp Power.
“At Transcorp Power we are strengthening our part of the power value chain and in doing so, we are helping to light up Nigeria,” Fadeyibi said.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Ughelli Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited. www.transcorpnigeria.com
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