Wednesday, Dec 1st 2021 11:53 AM

Market Digest Nigeria


Transcorp to build Nigeria’s first nuclear power plants


Transcorp Energy Limited, a subsidiary of Transnational Corporation of Nigeria Plc, announced plans to build Nigeria’s first nuclear power plants.


This was disclosed in a statement sent on Thursday, after a meeting between Transcorp and Dr Ogbonnaya Onu, Minister of Science and Technology, revealing parts of its plans to boost its integrated energy strategy.

Mr Peter Ikenga, Head of Transcorp Energy said, “This project is transformative and a first in Nigeria and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution.

It will further provide the country with a reliable and sustainable energy source, devoid of some of the challenges hampering stable and reliable power generation in Nigeria.”

Transcorp disclosed it would utilize the OPEN100, which is the world’s first open-source blueprint for nuclear power plant deployment for a small, standard, pressurized water reactor that will accelerate deployment of the modular nuclear plants for power generation.

What you should know

In its audited financial statements for the year ended December 31, 2020, Transcorp announced ₦75.2 billion in turnover and Profit After Tax of ₦3.79 billion in 2020, representing a 2.35% increase against ₦3.705 billion in 2019.

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