Shareholders laud management as Transcorp takes electricity generating capacity to 2000MW

SHAREHOLDERS of Transnational Corporation of Nigeria Plc (“Transcorp”), showed their strong confidence in the board and management at the Group’s 15th Annual General Meeting (AGM), which took place at the Transcorp Hilton, Abuja. 

The shareholders commended the company for declaring dividends, noting that despite the negative impact of the Covid-19 pandemic on the Group’s hospitality subsidiary, Transcorp remained committed to rewarding shareholders. 

They were impressed by the significant advances in the Group’s integrated energy strategy, with the acquisition of Afam Power Plant Plc and Afam III Fast Power Ltd, delivering on the Group’s promise to power Nigeria and change lives. 

They commended the resilience and dedication of the board and management, despite the challenging global environment. 

Speaking at the meeting, Mr Tony O. Elumelu, CON, Chairman of Transcorp, thanked shareholders for their continued support and promised that the Group will continue to execute its expansion, in line with its mission of “improving lives and transforming Nigeria”. Mr Elumelu stated “It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300 million 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. In hospitality, a new digital platform, Aura By Transcorp Hotels, which is set to redefine hospitality standards, was launched.” 

Speaking on the success of the Group’s sustainable expansion strategy, Mr Elumelu 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 & 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 said “At Transcorp, we continue to re-invent ourselves and position for opportunities that we can leverage to attain our vision of improving lives and transforming Nigeria. 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”.

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