Nigeria: Transcorp Affirms Commitment to Expansion After Q1 Profit Rise

Transcorp acquired two state-owned power assets - Afam Power Plant Plc and Afam III Fast Power Limited - for N105.3 billion.

Transnational Corporation of Nigeria (Transcorp) Plc has said it will continue to pursue expansion in accordance with its mission to improve lives and transform Nigeria.

The conglomerate noted in a press release seen by PREMIUM TIMES that shareholders expressed confidence in its board and leadership at its recently held 15th annual general meeting, which followed a jump of 2,427 per cent in the first quarter profit.

Transcorp acquired two state-owned power assets - Afam Power Plant Plc and Afam III Fast Power Limited - for N105.3billion, bringing its installed capacity to 2,000 megawatts.

"... delivering the $300m Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group's success," said Tony Elumelu, chairman of Transcorp board.

"In oil & gas, the group is driving forward investment in OPL 281 and participated in the acquisition of OML 17. In hospitality, a new digital platform, Aura By Transcorp Hotels, which is set to redefine hospitality standards, was launched".

The group has evolved from an initial focus on hospitality and branched out into sectors like oil and gas as well as power, with Mr Elumelu stating that Transcorp is the leading listed investor across the sectors.

Owen Omogiafo, president and group chief executive of Transcorp, said the group will continue to push further to tap the opportunities required to accomplish the vision of improving lives and transforming Nigeria.

"Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market".

Transcorp, headquartered in Lagos, comprises Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy, and recently launched a digital hospitality platform, Aura by Transcorp Hotels.

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