By Lateef Adegbite
In spite of the downturn in the nation’s economy, Tony Elumelu, a multi-billionaire and Chairman, Teanscorp Group, described as a visionary Leader in business circles have a cause to be happy. This is because the Group’s subsidiaries in the nation’s service sector of the economy: Banking, Hospitality and Power, particular, are making appreciative impacts that had clearly shown in their respective performance.
Many believe that just as Aliko dangote, another Multi-billionaire business mogul has dominated the nation’s manufacturing sector over the years so also has Elumelu, whose name has become a household n dominated the service sector that has been reckoned with both within and outside the country.
Transcorp Power plc, one of the subsidiaries of Transnational Corporation plc, which operates the Ughelli, Power plant and Trans afam Power, within the south –south geopolitical region may have impressed many with its yearly revenue generation drive which had grown significantly over the years with a surge in Its energy delivery and capacity charge , coupled with the lucrative expansion into the West African sub-regional markets.
The company which currently provide over 20% of Nigeria’s power generation capacity through its investments in Oil Prospecting License, OPL 287, was said to have generated N142 billion in 2023, when its shares have not been introduced into the country’s Stock Exchange market, SEM, to be sold.
The Power Company was said to have recorded a gross earning s of N142.1 billion, in 2023, Fiscal year,which according to an insider was 5.3% higher than the amount generated by the firm in 2022, meaning that the profitability of the company remained strong despite the down turn in the nation’s economy.
Adebayo Adebayo, minister of Power, may have alluded to the impressive of Transcorp Power Company and the others when stated that with their improved energy generation , the Companies have been able to address issues such as ‘’frequent outages and insufficient capacity, stabilizing the national grid and reducing reliance on generators.
The impressive performance of the Power generating Companies, particular, Transcorp Power, may have given the minister the audacity to speak out that ‘’that he government has concluded plans to ramp up power generation to 6,000 Mega Watts, which will translate to more revenue to the Organizations by the end of 2024.
The Power minister may have shocked Nigerians when he disclosed that there is ‘’over dependence on the nation grid, which may have informed why the government has set a different target of 10,000 to 12,000 transmission capacity for the net three years to reduce the pressure on the generation Companies.
With the maximum support being extended to the power generation Companies by President Bola Ahmed Tinubu’s Administration, the minister who could not hide his feelings had made it clear to those that cares to listen that the government is determined to break the 4,00 MW jinx, power generation that had spanned over the years.
Recall that Nigerians have witnessed countless national grid collapse this 2024. He had said despite the’’Gas shortage for power generation and the vandalism of power infrastructure which are said to be responsible for the recurrent incidents of grid collapse in the country. The improved power generation in the country may have why the Nigerian President had said that ‘’the country will soon stop bleeding which will propel it into prosperity’’.
At the recent Annual General Meeting, AGM, of Transcorp plc, Emmanuel Nnorom, the Company’s Boad Chairman, had revealed the Company’s achievements over the past year and assuring shareholders of its commitment ‘’ to maintaining its exceptional financial results and improving the lives of Nigerians through stable power supply.
Hear Him: Last year’s strong performance of the power generation Company is a bold statement ‘’to the resilience of the Company’s business strategies, underpinned by a culture of strong Corporate governance.’’. He was emphatic that with its business strategies and the dedication of the team, they will continue ‘’to deliver exceptional value to all stakeholders.
Peter Ikenga, the Company’s Managing Director and Chief Executive Officer, CEO, may have taken advantage of the AGM , to declare to the applause of the shareholders that ‘’the success that had been achieved by the Company over the past year was as a result of ‘’the religious execution of its business strategies and deliberate focus on enhancing operational efficiency’’.
He may have reechoed the words of the Company’s Board Chairman, when he stated that ‘’it remain committed to continuous improvement’’. He may have gladdened the heart of the shareholders when he restated that ‘’its strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency and rigorously implementing the Power plant maintenance schedule.
He may have gladdened the heart of staff, when he restated that they will continue ‘’prioritizing and investing on human capital development to enhance in-house capabilities. He was said to have further pointed out that the Company’s commitment to incident and injury-free operations remain strong as it leverage on its talent , foster ingenuity and nurture team work .
He did not stop there. Ikeja, the Transcorp Power helmsman, who could not hide his feeling, had said that the Company is determined ‘’to build on it successes and leverage on strategic investment opportunities to deliver even greater performance and sustainable growth for its shareholders.
Bisi Bakare, who may have spoken the mind of the shareholders as he had lauded the company’s Professionalism and Commitment to growing value for the investing public ’’. He was said to given kudos the Power Company Authorities for continuously exceeding shareholders expectations on a yearly basis. ‘’I am very satisfied with the Board and Management of Transcorp performance’’, he had said. He noted that the impressive performance of the Company over the years clearly demonstrates their commitment ‘’to creating value for the shareholders, and which may have informed why the have all gathered together for the AGM to chart a new course for the company.
He had confirmed that ‘’the company’s focus on excellence and optimization ‘’ had contributed to its present position as a market Leader in the nation’s power sector. The tough talking shareholder had asserted that ‘’through strategic investments and operational strategies, the power company had continued to enhance it generation capacity to optimize plant performance’’.
