Transcorp Plans Investment in More Sectors

• Transcorp Plans Investment in More Sectors

Transnational Corporation of Nigeria Plc has revealed plans to invest in more sectors of the economy.

The Chief Executive Officer, Transcorp, Mr Valentine Ozigbo, at the company’s ‘Facts behind the Figures’ presentation in Lagos, said the company would deepen its participation in the sectors it had been operating in over the years, operationalise its oil asset and invest in more sectors.

He noted that the company had vested interests and investments in hospitality, power, oil and gas and other sectors, and remained committed to delivering superior value to its wide clientele base.

Ozigbo, who noted that the focus of the company was to create an enabling environment for domestic and foreign investors to succeed, added that the businesses were well positioned to continue to roll out profit to its numerous investors.

He said, “Today, we own and manage the best business hotel in Africa, and are intent on improving tourism in Nigeria and beyond. We own and manage one of the most strategic power assets in Nigeria, and aim to meet the power needs of one out of every four Nigerians, and through this, help in poverty eradication and improving Nigeria’s competitiveness.

“Our businesses are contributing unprecedented revenue and profits in the history of the group and we are also stronger in corporate governance. Consistently we have been among the first three companies quoted on the Nigerian Stock Exchange that successfully finalise their audited accounts and organise their Annual General Meetings every year.”

He added that plans were in motion to ensure that the company grow by leaps and bounds and that all its concerns were headed in the direction of an even impressive performance based on the strategic investments in the last couple of years.

According to him, Transcorp will be a conglomerate Nigerians will be most proud of, with the support of the stakeholders, especially the entire capital market community.

The Chairman, Transcorp, Mr Tony Elumelu, said the company was looking to invest as much as $2.5bn in power projects to help boost power supply in Nigeria.

He disclosed that the firm had so far injected about $1bn in projects with a combined capacity of 700 megawatts.

“We have expressed interest in the acquisition of Afam power plant, which we are going to spend a lot of money on. It will give us 1,400 megawatts and we can do more,” Elumelu explained.