Transcorp Committed to Significantly Increasing Power Generation in Nigeria. ……Chairman Elumelu states “Transcorp will light up Nigeria”.
Lagos, Nigeria,
March 29th 2017;
At the 11th Annual
General Meeting of Transnational Corporation of Nigeria
Plc(“Transcorp”), the Board ofDirectors confirmed their confidence
in Transcorp’s growth trajectory and affirmed the
Company’s commitment to increasing
yield and returns to shareholders, while continuing its significant
capital investment strategy. Despite the difficult
economic climate, revenue grew by 46% in 2017(N59.42bn).
Transcorp
is Nigeria’s leading listed conglomerate, active in the power,
resource, hospitality and agroindustry sectors. The AGM
took place on March 29th, 2017,
at the Oriental Hotel, Victoria Island, Lagos.
Chairman,
Transcorp Plc., Mr. Tony O. Elumelu highlighted the
significant progress made by Transcorp group companies, stating
that Transcorp was
uniquely position to impact the Nigerian economy positively and improve
quality of life for all Nigerians.
“Our
investments in the key strategic sectors of the Nigerian
economy directly align with our philosophy of meaningfully and
positively impacting
lives and transforming the African continent. We invest for the long
term, knowing that at times the headwinds can be strong. We want to be
the biggest provider of power to the Nigerian economy; we want to put
light in homes, schools and hospitals; we want
to provide the power for Nigeria’s industrialisation. When foreign
investors come to Nigeria, we want to host them in our Transcorp Hilton
hotels; and we want to supply indigenous produced oil and gas to power
our networks and roads. Throughout 2016, we have continued to
invest in Nigeria, when others waivered,because we are absolutely convinced
in Nigeria’s destiny as the next global economic powerhouse.”
Elumelu spent time providing shareholders with a detailed update of the Company’s
achievements and highlighted
the recent commissioning of
the 115MW Gas Turbine at Ughelli Power Plant, Nigeria’s largest
capacity gas generating plant, as evidence of the progress made by
the Group in the power sector, despite regulatory and operating
challenges.
Shareholders
were informed of other important developments at
the Company, including the impending increase of available capacity of
the Ughelli
Power Plant to 850MW by the end of 2017; the $100m renovation of the
Transcorp Hilton Abuja, also to be completed in 2017; and the conclusion
of exploratory drilling of Transcorp's oil well , before the end of
2017. According to
Elumelu, Transcorp’s future is
bright, with the completion of these projects and looks forward
to sharing the social equity these investments will create in Nigeria in
the form of jobs, community empowerment, and improved quality of life.
Also, speaking
at the meeting, the National President of the Association for the
Advancement of the Rights of Nigerian Shareholders (AARNS),
Dr. Faruk Umar commended the Board for offering an impressive vision
for the future for Transcorp, despite the difficult economic conditions,
which impacted negatively on the Company in 2016. He went on to state
that he was convinced that with the strategy already
in place, the shareholders stand with theBoard in its determination to
return the Company to profitability. He called on the Federal
Government, to act on the structural issues in power sector,which had
contributed negatively to the Company’s profitability in
2016.
Responding
to the comments from the shareholders, Transcorp’s President/CEO, Mr.
Emmanuel Nnorom, said the Board’s mandate was to achieve strong
financial results, despite a challenging operating environment. “We
will continue to work and live by our values of execution, enterprise
and excellence, towards optimal maximisation of the abundant
opportunities that exist in our operating sectors,” Mr Nnorom
said.
Mr Nnorom reiterated the Chairman’s optimism that
2017 looks bright, promising better results in 2017 and beyond. Nnorom said that the considerable investment made
were already yielding
fruit and that the Company had illustrated both prudence and a willingness to invest for the future of all.
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