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Transcorp Ughelli Power changes name

By on December 1, 2015

Transnational Corporation of Nigeria Plc has 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.

A statement explained that the merger was designed to harmonise the management and operations of Transcorp’s power business for greater efficiency, which would lead to higher output in terms of power generation and increased shareholder value.

The Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel electricity 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,” the Chairman, Transcorp Power, Tony Elumelu, was quoted as saying.

“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 the 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,” the Chief Executive Officer, Transcorp Power, Adeoye Fadeyibi, said.
[Punch]

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