By Stephen Ubanna,
Determined to improve its power generation and distribution networks in its areas of operations across the country, Transcorp Power, a subsidiary of Transnational Corporation Nigeria, described in industry circles as one of the leading listed Conglomerates with strategic investments in the nation’s power, hospitality and energy sectors of the economy moves to trategise by making some significant changes in the Board of Directors.
This is evident with the appointment of Christopher Ezeafulukwe, as a Non-Executive Director of the Power Company, under the Chairmanship of Tony Elumelu, a multi-billionaire business mogul and philanthropist.
The appointment which was said to have been approved by the Nigerian Electricity Regulatory Commission, NERC, under the close watch of Sanusi, Garba , according the Board was in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power plc.
Given an insider information, a top official of the Company told The Value News online Magazine that the appointment of Ezeafulukwe , as a Non-Executive Director of Transcorp Power plc, had been much expected because of his established professional experience spanning multiple sectors of the economy including the power, oil and gas .
He is expected to bring to bear his 20 years of executive management experience in different Organisations, financial services and corporate governance into Transcorp Power plc, operations, to move it to the next level of improved services and to maintain its lead in the country’s power sector.
The new Transcorp Power plc, Non-executive Director, is currently the Managoing Director of Transcorp Energy Limited. He was said to have also served as the Managing Director/Chief Executive Officer, CEO, of Abuja, Electricity Distribution plc and Transcorp Power Limited. Given his professional experience and Legal background, he was said to have played the role of Executive Director, Legal and Business Development at Transnational Corporation plc, which qualifies him to be on the Board.
There is no gain saying the fact this Academic credentials which industry stakeholders had said are ‘’very impressive’’, would go a long to reposition the Transcorp Power plc in the nation’s power sector. Described as a voracious reader, he was said to have further advanced his educational pursuit in Legal studies by obtaining his Masters Degree in Law, LLM, in Energy, Environmental and Natural Resources Law, from the University of Houston, Texas, North American country of the United States, US.
As an alumnus of Lagos Business School, Business school in Barcelona, Spain, and member of several Professional bodies,apears to have equipped him to play a significant role as a non-Executive Director of Transcorp Power Board of Directors .
Some of the Professional bodies, Ezeafulukwe, was said to have belonged to over the years include the Association of Petroleum Negotiators, Nigerian Bars Association, NBA, Institute of Secretaries and Administrators of Nigeria . ISAN. He was said to have also been a pat member of Council of the Association of Power generation Companies, in Nigeria.
Sounding very confident to deliver in his mandate as a Non-Executive Director of Transcorp Power plc, Ezeafulukwe, was said to have given his words to the Board, Management and staff of the Power Company, that they will ‘’greatly contribute to the continued success and growth of the company to still be ahead of its Competitors in the nation’s Power generation and Distributions. Indeed, the Company cannot afford to perform below its 2023, operational records which shareholders had described as very encouraging, urging the Board, Management and staff to do more in coming years.
Recall that the power Company which shares was introduced to the Nigeria stock Exchange Market on March 4, 2024, for public offer have continued to witness impressive showing in the market because of the high demand . The Company was said to have recorded gross earnings of N142.1 billion at the end of the 202, trading year, which was said to have been announced at the Company concluded Annual General Meeting, AGM, the first since it was listed at the Stock Market in early 2024.
Going by reports by Peter Ikenga, the Power Company‘s Managing Director, its Profit Before Tax, PBT, also showed an impressive year-on-year growth , up to 84.4% , from N28.6 billion, reported in 2022 to N52.8 billion in 2023.
Peter Ikenga, was said to have reportedly said that the Company’s success in the 2023, fiscal year as a result of ‘’the rigorous execution of its strategies and deliberate focus on enhancing operational efficiency’’.
He was said to have told those that cares to listen that this 2024, fiscal year, the Company will remain committed ‘’to continuous improvement and recovering plant available capacity , enhancing operational excellence, and efficiency and rigorously implementing the Company’s plant maintenance schedule’’.
He may have gladdened the heart of Nigerians who wants improved power supply in the country,that the Company will leverage on its strategic investment opportunities to deliver even greater performance and sustainable growth for the stakeholders.
Shareholders of Transcorp power plc, may have gladden the heart of Ikenga and his Management team whey they gave them kudos for their ‘’focus on excellence and optimization’’ which was said to have contributed to the Company’s current position as a market Leader in the country’s power sector.
The shareholders who were said to have passed a vote of Confidence on the Company’s Board of Directors and Management team, were said to have alluded to the fact that through their strategic investments and operational strategies, Transcorp Power, plc, which had recently appointed Ezeafulukwu, as a non-Executive Director, into the Board of the Company, will continue to enhance its generation capacity and optimize plant performance in Nigeria.
Emmanuel Nnorom, the Chairman of the Board of Directors of transcorp power, plc, was said to have reassured the shareholders of the Commitment ‘’to maintaining the exceptional financial results in the coming years as ‘’it reviews its Business strategies underpinned by a culture of strong Corporate governance’’.
The Chairman, who could not hide his feelings was emphatic that their new Business strategy team, and dedication of the Board and Management teams, will continue’’ to deliver exceptional values to the stakeholders’’, confirming what Eaflukwu, the new Non-Executive Director appointed into the Board had said that ‘’they will contribute greatly to the growth of the Company.
Elumelu, the Transcorp Group, Chaiman, who incidentally is also the Chairman, UBA, plc, a Pan African Bank, may have given the Company shareholders a cause to be cherry when he said that ‘’the power subsidiary Company, would remain committed ‘’to creating values and driving ‘’the country’s economic growth , by improving lives through access to electricity and transforming the African Continent in general’’. Vintage Elumelu.
