Transcorp Ughelli Power Limited (TUPL), the power generation and investment subsidiary of Nigerian conglomerate, Transcorp plc yesterday held its 2nd Annual Gen- eral Meeting where its shareholders received the 2014 annual report of the company.
The report details outstanding progress during the first full calendar year of operations at Ughelli Power Plant, the group’s power generating asset and Nigeria’s largest gas-powered generating company.
Adeoye Fadeyibi, CEO, Transcorp Ughelli Power Limited told shareholders that, “we are strengthening our part of Nigeria’s energy chain.”
In 2014, Transcorp Ughelli Power Limited in- creased generation capac- ity from 342MW at Decem- ber 2013, to 610MW at the end of 2014 — a 78% year- over-year increase and a 300% increase from takeo- ver and this year.
Financial advisory firm Renaissance Capital (Ren- Cap) had predicted that Transcorp Plc would more than quintuple its profit- ability by 2017 in part be- cause of the outlook for Transcorp Ughelli Power Limited.
According to RenCap, “We believe the govern- ment’s determination to make centralised electric- ity supply a reliable source of power for the economy, at half the price of the cur- rently widely used diesel generators, is sufficient reason to see a bright fu- ture for the asset.
Emmanuel N. Nnorom, group president/CEO, Transcorp Plc said “Our team is excited and united,” adding that the CEO of Transcorp Ughelli Power Limited and his team did well.
“We are on track to achieve 850MW per day by year end-2015 which represents a major contribu- tion to the country’s total energy output,” Nnorom noted.
During the Transcorp Ughelli Power Limited board meeting on June 16, Tony O. Elumelu, board chairman, Transcorp Plc predicted long-term mega- growth.
Elumelu said: “We are determined to produce a quarter of all power gener- ated in Nigeria and we are clearly on track to achieve this, thanks to the cohe- siveness of the leadership team and the hard work of the staff, driven by the TUPL CEO.”
According to the Board, 2015 will see the execution of expansion plans through key acquisitions, as well as
a Greenfield project set to begin operations in 2018.
Transnational Cor- poration of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 inves- tors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company.
