Transnational Corporation of Nigeria Plc, is to buy over all abandoned Nigerian National Petroleum Corporation (NNPC) gas plant and make them more functional.
Tony Elumenu, Chairman of the board of directors disclosed this in Calabar at the end of the 10th Annual General meeting AGM of Transcorp conglomerate
Elumelu said Transcorp conglomerate intends to invest more in power generation, and hopes to increase its internal power generation from 300 to 800 megawatts to power their operations across the country from June this year.
Elumenu said this in an interview over the weekend at Transcorps hotel Calabar venue of the 10th annual general meeting (AGM) where the company’s shareholders and auditors converged and commended the company for another successful business year.
Elumenu said electricity power had affected them during the period, and it was imperative that they take the bull by the horn.
“We are almost concluding discussions with management of NNPC to buy over their idle gas plants in the country. We want to revamp these plants to boost our internal power generation for our operations.
“We are doing this because power has been one of our greatest challenges both in our companies and our country.
“Revamping these idle plants will also enable our host communities have access to electric power. This move is part of our corporate social responsibility.
“As a way of helping the country, we also encourage other blue chip firms to emulate our efforts in power generation because if we have power the national economy will grow,” he said.
He also informed that Transcorp Power Ltd which is an arm of the conglomerate, has acquired Ughelli Power plc, one of six successor generation firms unbundled from Power Holding Company of Nigeria.
At the 10th AGM, Shareholders lauded the conglomerate for its financial performance in 2015 despite the difficult operating environment globally and domestically.
They approved the Board’s proposed bonus issue of 1 ordinary share for 20 ordinary shares held by every shareholder, and also the Group’s annual report for 2015.
Transcorp Group recorded N40.75billion in gross earnings for the FY 2015.
Profit Before Tax (PBT) for the year ended 2015 was N3.32billion.
The Group total asset was N202.9billion showing an increase of 19 percent compared to N171billion in 2014.
MIKE ABANG
