Transnational Corporation of Nigeria Plc (Transcorp) yesterday announced the successful merger of its two power subsidiaries Transcorp Ughelli Power Limited and Ughelli Power Plc. The merged companies are now a single entity called Transcorp Power Limited.
The merger, according to the Chief Executive Officer of the new company, Adeoe Fadeyibi, was designed to harmonise the management and operations of Transcorp’s power business for greater efficiency. Greater operational efficiency will undoubtedly lead to higher output in terms of power generation and increased shareholder value. Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel generating plant.
“While our structure has changed, our objectives have not. As one of the leading power generating companies in Nigeria, our focus remains on aggressively increasing our output and expanding our capacity to generate at least 25 per cent of Nigeria’s power,” said Tony O. Elumelu, , Chairman of the Transcorp Power board.
“We have increased power generation by more than 525 per cent in the two years since we acquired Ughelli Power Plant, which makes ours the fastest growing among privatised power assets in the country. We are aggressively pursuing our generation recovery capacity programme and are on course to deliver 760MW by December 2015,” he said.
“At Transcorp Power we are strengthening our part of the power value chain and in doing so, we are helping to light up Nigeria,” Fadeyibi said.