Elumelu applauds Transcorp’s involvement in power sector

The Chairman, Transnational Corporation of Nigeria Plc, Mr. Tony Elumelu, has explained that the participation of the conglomerate in the power sector reform initiative of the Federal Government is to improve the living standards of all Nigerians as well as impact positively on the economy.

Elumelu said this on Wednesday while commenting on the successful acquisition of the 972 megawatts Ugheli Power Plc by Transcorp Ugheli Power Limited, a subsidiary of Transcorp Plc, having paid to the Bureau of Public Enterprises $225m.

The amount represents 75 per cent of the $300m bid price for the power plant.

Elumelu said, ‘This is a laudable and remarkable achievement, but it is only just the beginning. We can now embark fully on our strategy to contribute to the development of Nigeria’s power sector, while creating long term economic and social value for our stakeholders and the greater community.

“We fully expect our engagement on this world-class project to improve the living standards of all Nigerians as well as impact positively on our country’s GDP.”

The Ughelli Power Plc is one of the six power generation companies unbundled from the Power Holding Company of Nigeria.

In July 2012, TUPL bid $300m to acquire Ughelli Power Plc, owner and operator of Ughelli Power Plant in Delta State.

Transcorp Ugheli Power Limited, according to a statement, plans to increase the power generation capacity of the plant from 300MW to over 1,070MW in the next five years.

Also commenting on the successful acquisition, the President/Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, said, ‘Transcorp’s ability to achieve set goals and objectives propels us to target even larger investments in our selected business sectors with the potential to contribute significantly to Nigeria’s development.”

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