Transnational Corporation (Transcorp) Plc has announced the listing of its subsidiary, Transcorp Power Plc, on the Main Board of the Nigerian Exchange (NGX). The listing, conducted through introduction, underscores Transcorp’s commitment to creating value for the Nigerian public and driving economic growth in the country.
In a statement signed by the Company Secretary, Stanley Chikwendu, Transcorp highlighted the significance of the listing and its potential impact on the Nigerian market. The company revealed plans for a ‘Facts Behind the Listing’ event at the Nigerian Exchange, where Transcorp Power’s management, led by CEO Mr. Peter Ikenga, will provide detailed information to stakeholders, including trading license holders, analysts, press, and investors.
With the listing of Transcorp Power Plc, Transcorp Group now boasts two subsidiaries listed on the NGX, further solidifying its position as a leading player in Nigeria’s corporate landscape. The group emphasized that it will retain a significant ownership stake in Transcorp Power Plc, reflecting its continued commitment to the subsidiary’s growth and success.
Transcorp Power Plc operates the Ughelli Power Plant in Delta State, which boasts an installed capacity of 972MW. Since its acquisition, the plant has undergone significant upgrades, increasing its available capacity from 160MW to 680.83MW within four years. This remarkable achievement surpasses the 5-year target set by the Bureau of Public Enterprises, demonstrating Transcorp Power’s commitment to excellence and efficiency.
As a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market, Transcorp Power Plc plays a vital role in supplying electricity to the broader regional market. The company’s involvement in the ECOWAS Regional Market underscores its contribution to regional energy security and economic development.
Transcorp Group, one of Africa’s leading listed companies, maintains strategic investments in the power, hospitality, and energy sectors. With a mission to improve lives and transform Africa, the group’s power businesses, including Transcorp Power Plc and Transafam Power, collectively provide 15 percent of Nigeria’s installed power capacity. This significant contribution highlights Transcorp’s pivotal role in addressing Nigeria’s energy needs and driving sustainable development.
The Group reaffirmed its commitment to developing Nigeria’s domestic energy value chain through investments in OPL287 and other strategic initiatives. By leveraging its expertise and resources, Transcorp aims to enhance energy access, promote innovation, and support economic growth across Nigeria.
The listing of Transcorp Power Plc represents a significant milestone for Transcorp Group and the Nigerian energy sector. As the company continues to expand its footprint and drive operational excellence, it remains poised to deliver value to shareholders, stakeholders, and the broader Nigerian society.
