Chairman of Transnational Corporation of Nigeria Plc (Transcorp), Mr Tony Elumelu, has reaffirmed the firm’s commitment to significantly increase power generation in the country.
Mr Elumelu made this known at the 11th Annual General Meeting (AGM) of Transcorp Plc held on March 29, 2017, at the Oriental Hotel, Victoria Island, Lagos.
At the occasion, he said more would be done to increase the yield and returns to shareholders, stressing the company will continue its significant capital investment strategy.
He stated that despite the difficult economic climate, the firm grew its revenue by 46 percent to N59.42 billion.
Transcorp is Nigeria’s leading listed conglomerate, active in the power, resource, hospitality and agroindustry sectors.
“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,” Mr Elumelu said.
Highlighting the company’s achievements in 2016 to shareholders, the former Managing Director of UBA Plc said a 115MW Gas Turbine at Ughelli Power Plant in Delta State was recently commissioned by Transcorp, noting that this was evidence of the progress made in the power sector, despite regulatory and operating challenges.
He further said Transcorp’s future remains bright with the completion of some projects, including the $100 million renovation of the Transcorp Hilton Abuja.
Mr Elumelu pointed out that Transcorp Plc would continue to make efforts to improve the power situation in the country.