Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have given kudos to the Board and management of the firm for their contribution towards transforming the Nigerian power sector, through its power subsidiary, Transcorp Power.
The shareholders gave this commendation at the 12th Annual General Meeting (AGM) of the company.
According to them, Transcorp’s feat of increasing the available capacity of its power generation plant from 160MW, when acquired in 2013, to 701MW by November 2017, surpassing target of 670MW by August 2018, set for Transcorp by the Bureau for Public Enterprises (BPE) in 2013.
The National President, Association for the Advancement Rights Nigerian Shareholders, Faruk Umar, expressed appreciation for the performance of the company, adding that through its consistent performance, Transcorp has led the power industry in delivering a sustained increase in available and generated capacity in Nigeria, leading the power generation sector in terms of capacity.
He added that Transcorp has continued to be the backbone for improved access to electricity across Nigeria.
Transcorp’s Chairman, Tony Elumelu, 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.
