News/Press Release

30th November 2015

TRANSCORP UGHELLI POWER LIMITED BECOMES TRANSCORP POWER LIMITED

 

Lagos, Nigeria – November 30, 2015 – Today, Transnational Corporation of Nigeria Plc (Transcorp) today announced the successful merger of its two power subsidiaries Transcorp Ughelli Power Ltd and Ughelli Power Plc. The merged companies are now a single entity called Transcorp Power Limited.

 

This is a significant milestone in the corporate history of Transcorp.

 

The merger was designed to harmonize the management and operations of Transcorp’s power business for greater efficiency. Greater operational efficiency will undoubtedly lead to higher output in terms of power generation and increased shareholder value. Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel generating plant.  

 

“While our structure has changed, our objectives have not. As one of the leading power generating companies in Nigeria, our focus remains on aggressively increasing our output and expanding our capacity to generate at least 25% of Nigeria’s power,” said Tony O. Elumelu, CON, Chairman of the Transcorp Power board.

 

“We have increased power generation by more than 525% in the two years since we acquired Ughelli Power Plant, which makes ours the fastest growing among privatised power assets in the country. We are aggressively pursuing our generation recovery capacity programme and are on course to deliver 760MW by December 2015, said Adeoe Fadeyibi, CEO of the newly minted Transcorp Power.

 

“At Transcorp Power we are strengthening our part of the power value chain and in doing so, we are helping to light up Nigeria,” Fadeyibi said.

 

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Ughelli Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant - Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited. www.transcorpnigeria.com

 

For more information: bolanle.omisore@transcorpnigeria.com

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19th June 2015

Transcorp Ughelli Power Releases 2014 Annual Report, Holds 2nd Annual General Meeting

CEO Adeoye Fadeyibi Letter to Shareholders: “We are strengthening our part of Nigeria’s energy chain.”

 

Lagos, Nigeria, 16 June 2015 — Transcorp Ughelli Power Limited (TUPL), the power generation and investment subsidiary of Nigerian conglomerate Transcorp Plc, today released its 2014 Annual Report and held its 2nd Annual General Meeting of shareholders.

 

The Report details outstanding progress during the first full calendar year of operations at Ughelli Power Plant, the Group’s power generating asset and Nigeria’s largest gas-powered generating company.

 

In the CEO’s statement, Mr. Fadeyibi outlines TUPL’s “short term, post-acquisition operational strategy — one based largely around the recovery of installed capacity.”

 

In 2014, TUPL increased generation capacity from 342MW at December 2013, to 610MW at the end of 2014 — a 78% increase year-over-year and a 300% increase from takeover and this year, financial advisory firm Renaissance Capital (RenCap) predicted that Transcorp Plc would more than quintuple its profitability by 2017 in part because of the outlook for TUPL.

According to RenCap, “We believe the government’s determination to make centralised electricity supply a reliable source of power for the economy, at half the price of the currently widely used diesel generators, is sufficient reason to see a bright future for the asset.

Transcorp Plc Group President/CEO Emmanuel N. Nnorom was pleased with TUPL results, saying, “Our team is excited and united. Ade has done a fantastic job of assessing existing generating assets at Ughelli and determining a course of action for total recovery and as a result, we are on track to achieve 850MW per day by year-end 2015, which represents a major contribution to the country’s total energy output.

 

During the TUPL Board meeting on 16 June, Transcorp Plc Board Chairman Tony O. Elumelu, CON predicted long-term mega-growth, saying, “We are determined to produce a quarter of all power generated in Nigeria and we are clearly on track to achieve this, thanks to the cohesiveness of the leadership team and the hard work of the staff, driven by the TUPL CEO.”

 

According to the Board, 2015 will see the execution of expansion plans through key acquisitions, as well as a Greenfield project set to begin operations in 2018.

 

 

About Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant - Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited, Nigeria’s largest power generator and Transcorp Energy Limited, operator of OPL 281.

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29th December 2014

Transcorp Emergies Most Compliant Company on NSE

Transnational Corporation of Nigeria (Transcorp) has emerged the most compliant firm among the companies listed on the Nigerian Stock Exchange (NSE).  The Most Complaint Listed Firm award is given by the NSE to the company that demonstrates the highest degree of compliance with the rules and regulations  regarding disclosure obligations of listed companies to the exchange in  particular year. Such a company  is also expected to have  demonstrated its recognition for the importance of corporate governance.

 

Transcorp  won the coveted award at the weekend, beating Nigerian Breweries Plc and others.

 

“This award is significant. When Heirs Holdings took over Transcorp in 2011, one of the core objectives agreed was the need to transform Transcorp to be an institution with world class corporate governance in all its processes, reporting and compliance.  This award is an indication of a job well done and the approval from the NSE for all the efforts made in the Group by all to achieve this,” Transcorp said at the weekend.

 

Since the coming of Heirs Holdings into Transcorp, the company’s fortunes have continued to improve. Shareholders of the company received a dividend of N1.9 billion for the 2013 financial year for the first time in seven years.

 

Hopes of  the shareholders of Transcorp  to receive another dividend at the end of the 2014  financial year have been raised last as the company posted a jump of 89 per cent in profit for the nine months ended September 30, 2014.

 

Transcorp reported  profit before tax of N9.7 billion, up by 89 per cent from N5.15 billion in the corresponding period of 2013, while profit after tax improved by from N3.5billion to N8.263 billion.  Total assets stood at N157 billion compared with N149.454 billion as at December as at December 31, 2103.

 

Commenting on the results, the  Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom said, “Our third quarter 2014 results underscore our determination to achieve our full year  2014 targets. Our commitment to excellence is evident in the significant achievements we have recorded this year in our power and hospitality businesses.”

 

-Ends-
 
About Transcorp
 
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant - Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL 281.
 
For more information about Transcorp, please visit www.transcorpnigeria.com

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30th January 2014

Transcorp, GE partner to improve power generation in Nigeria

Agreements will dramatically increase capacity at the Ughelli power plant in 2014

 

Lagos, 30 January 2014 – Transcorp Ughelli Power Ltd (TUPL), the power subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), and General Electric (GE) have signed an agreement to expand the capacity of TUPL’s Ughelli power plant by1000MW over the next 3 to 5 years.

 

Both parties have also signed a separate agreement to rehabilitate the damaged GT 15 turbine at the Ughelli plant, which will add 115MW to the plant’s output.

 

Currently, the Transcorp Ughelli power plant generates 360MW of electricity, up from 160MW on November 1, when Transcorp took ownership of the plant. With the additional 115MW, as well as other rehabilitation works planned at the plant, output at Ughelli will increase to 700MW by December 2014.

 

The Ughelli power plant is Nigeria’s largest gas-fired electricity generation asset.  Purchased by Transcorp during the 2013power privatization programme, the $300 million plant is part of the $2.5 billion investment pledge made by the Chairman of Transcorp and Heirs Holdings, Tony O. Elumelu, CON, to deliver affordable, accessible power to Africa under the Power Africa Initiative. Heirs Holdings, Elumelu’s pan-African proprietary investment company, is Power Africa’s largest private sector investor and a major investor in Transcorp.

 

The agreements were signed at a closed door meeting between executives of both companies, led by Elumelu and the Global Chairman of General Electric, Jeffrey Immelt. They follow a cooperation agreement executed by Transcorp and GE in 2013.

 

Commenting, Elumelu said, “We are verypleased to work with GE, a proven world leader in power technology development,on the Ughelli plant expansion project.  With this, we’ve taken a bold step in fulfilling our promise to Transcorp’s stakeholders and the people of Nigeria. In a very short period of time, we have achieved significant impact - power production has more than doubled, andwith this agreement, we will see increased output before the end of this year. We are confident that this partnership with GE will further accelerate the achievement of our goals in the power sector.”

 

Immelt said,“GE fully appreciates the confidence expressed by Transcorp. We are happy to bring the considerable resources of GE to support Transcorp’s audacious vision for Nigeria’s Power industry. This partnership with Transcorp underlines GE’s deep commitment to developing the Nigerian power sector.”

 

A publicly listed conglomerate with strategic investments in the power, hospitality, business and energy sectors, Transcorp, through TUPL, is committed to transform and bring the plant to profitability by increasing its generating capacity to impact positively on the socio-economic development of Nigeria.

 

GE, one of the world’s most reputable companies is the global leader in the design, manufacture, supply, installation and maintenance of technology and services for the Power, Aviation, Oil & Gas, Healthcare and Transportation sectors.

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18th November 2013

Transcorp Delivers on Promise to Give Nigerians Access ...


Dear Fellow Shareholder,
You will recall that your Company recently raised additional capital, through a Rights Issue, in order to accelerate our bold growth strategy.
I am writing to thank you for your support and to report that we are already seeing the first fruits of our plans to deliver value. Significant recent successes include:

The acquisition of the 1000MW capacity Ughelli Power Plc through our subsidiary — Transcorp Ughelli Power Ltd (TUPL). TUPL paid $300m for 100% ownership of the Plant. On November 1, 2013, TUPL successfully took over ownership and physical possession of the plant. We will significantly raise output, from the current 160MW to at least 1,500MW, over the next 3-5 years. With a dedicated pipeline supplying gas to the plant and a long term off-take agreement, with the Bulk Electricity Trader, the return profile of this investment is compelling. The potential impact of the investment on Transcorp's fortunes is significant. Equally important is the impact of secure and sustainable power generation on the living standards of all Nigerians. We are proud of the leading role that your company is able to play in the transformation of a sector critical to enabling Nigeria achieve her true potential.

The signing of an agreement with Hilton Worldwide, to commence the development of a 300 room five-star hotel in Ikoyi, Lagos, complementing our flagship Transcorp Hilton in Abuja. This project will be the first of eight internationally-branded hotels, that we plan to build over the next five years. Construction will begin in Q1 2014 and will be completed within 30 months. We have also completed the acquisition of a site in Port Harcourt for the development of another 300 room five star hotel. We expect to sign the management agreement in Q1 2014 and commence construction by the second quarter. Nigeria is dramatically underserved in the hospitality sector, and we see many opportunities to bring world class facilities to our guests from home and abroad.

We also commenced the renovation and upgrade of the Transcorp Hilton, Abuja, Nigeria's premier five-star hotel. As well as a dramatic transformation of our existing facilities, this project will also see the addition of a 5,000 seat capacity conference facility and 200 serviced luxury apartments to the hotel, firmly cementing our position as the destination venue in the Nation's capital, Abuja.

The commencement of production of orange, mango and pineapple concentrates from the Teragro-Benfruit plant in Makurdi, Benue State. In October 2013, the plant received the ISO 9001:2008 (Quality Management System) and FSSC 22000:2005 (Food Safety Management System) certifications, illustrating that our products and processes meet the highest global standards. We plan to significantly increase the size and scope of this business. Teragro is the only juice concentrate producer in Nigeria and we are creating a fully integrated agro-allied business, ensuring that value added processing occurs here in Nigeria.

We continue to develop our oil and gas strategy, with our existing oil block, OPL 281, expected to begin production before the end of 2014. We have put in place a world class management team and are committed to developing the synergies between our natural resources portfolio and our power interests, creating an integrated energy approach that directly links Nigeria's natural resource wealth to the daily needs of our people.

These successes, which are the products of the recent transformation in your company, will begin to contribute to our bottom line from November 2013. We were delighted to announce that in the nine-month period ended September 30, 2013, your company recorded profits before tax of N5.1bn, a 30% increase over the total profit for the whole of the 2012 financial year.
 
Looking forward, your Company will continue to create and grow value in our chosen core business areas of Oil & Gas, Power, Agriculture and Hospitality, through strategic investments, acquisitions and business turn around under pinned by our watchwords of Execution, Excellence, and Entrepreneurship.
Likewise, we remain committed to identifying and transforming underperforming businesses, in other sectors, which we believe are critical to our nation's growth.
We thank our current, over 300,000 strong, indigenous shareholders, for their support and look forward to welcoming many more to join in our success. We will not relent in positioning Transcorp as a true vehicle for popular participation in Nigeria's bright future and prosperity.
Tony O. Elumelu, CON
Chairman
November 18, 2013

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1st November 2013

Transcorp Takes Over Ughelli Power Plant


Lagos, Nigeria. –November 1, 2013 – Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) today officially took physical ownership of Ughelli Power Plc, the owner and operator of the 1000MW capacity Ughelli Power Plant following a handover ceremony hosted by the Nigerian Federal Government. The ceremony was held at the plant located in Ughelli, Delta State with Government representatives, community leaders and other key power stakeholders in attendance.
 
Vice President Namadi Sambo, GCON, FNIA who was represented by Mr. Emeka Wogu, the Honorable Minister for Labour and Productivity said: ‘This handover ceremony is the culmination of 14 years of painstaking efforts by the NCP and its Secretariat, the Bureau of Public Enterprises (BPE), the Federal Ministry of Power and other key stakeholders to reform and liberalize Nigeria’s electricity industry. This reform and privatization programme is rightly focused on the big picture, that is, the impact on the economy as a whole and ultimately, the greatest good for the greatest number of Nigerians. I congratulate Transcorp for emerging as the successful winner through a very rigorous, competitive and transparent process. We appreciate your faith in the process and your faith in the Nigerian Government and economy.’
 
Ughelli Power Plc, operator of the Ughelli Power Plant is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). By August 21, 2013, TUPL had effected full payment of $300million (three hundred million dollars) to the Bureau of Public Enterprises (BPE) representing 100 per cent of TUPL’s bid price for the plant.
 
Tony O. Elumelu, CON, Chairman of Transcorp, while commenting on the successful handover ceremony remarked:
 
I would like to thank the administration of President Goodluck Jonathan for their diligence towards achieving this significant milestone in the history of the Nigerian power sector.’ He added that Transcorp and its partners Tenoil, Symbion Power, Thomassen and Woodrock Energy are well positioned and have the required expertise to operate a world-class power generation plant that will transform the Nigerian Power sector and change the lives of its citizens.
 
Mr. Elumelu further re-stated Transcorp’s unflagging commitment to invest in host communities wherever the organization operates with the aim of creating jobs, providing training and ensuring vital knowledge and skills transfer where possible thus ensuring sustainable contribution to Nigeria’s economic and social development . ‘We will actively engage the local communities in and around Ughelli to work together with the unified objective of ensuring that lives are improved and our larger economy revived.’
 
Adeoye Fadeyibi, the Chief Executive Officer of TUPL affirmed that the Power sector reform of the Federal Government has indeed created the right platform for sustainable economic development in Nigeria.
 
This is just the beginning of greater things to come. TUPL is poised to positively impact on the socio-economic development of Nigeria by improving living standards through regular and adequate power supply. We will increase the power generation of the plant from 300MW to over 1500MW in the next five years and we have the requisite capacity in finance and human capital to achieve our strategy.

-Ends-

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21st August 2013

Transcorp Makes Full Payment for $300M Ughelli Power Plant


Lagos, Nigeria – August 21, 2013 – Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) today announced the payment to the Bureau of Public Enterprises (BPE) of $225million, representing 75 per cent of the $300million bid price for the 972 mega watts capacity Ughelli Power Plant (the Plant). With this, TUPL has now completed the full payment for the Plant.
 
Ughelli Power Plc is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). In July 2012, TUPL bid $300million to acquire Ughelli Power Plc, owner and operator of Ughelli Power Plant in Delta State.

TUPL emerged the preferred bidder for the acquisition on September 25, 2012 following a successful technical and financial evaluation by the BPE signaling the company’s unreserved capacity and competence to manage the Plant. Subsequently, TUPL met the 25 per cent deposit deadline by paying the sum of US$75million to the BPE on March 20, 2013.
TUPL plans to increase the power generation of the plant from 300MW to over 1070MW in the next five years.
Commenting on the successful acquisition of the Plant, the Chairman of Transcorp, Tony O. Elumelu, CON 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, whilst 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.
Obinna Ufudo, President/CEO of Transcorp 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. TUPL has extensive worldwide power sector experience in Africa, Europe and the Middle East which underscores its unquestionable capacity to effectively manage the plant profitably in line with international standards.
Following this remarkable milestone, we shall now take over the operations and management of the Plant, deploy our strategy to ensure a smooth transition and in the near term, create a profitable business that will deliver greater outcome in terms of power to the nation. Our inclination to success consistently translates to value for all our stakeholders, one of the goals which we pledged from the outset.
 
Adeoye Fadeyibi, the CEO of TUPL affirmed:  
 
This is an exciting day for us as a company as well as the power sector and every Nigerian.  It is the beginning of an era where power becomes constant and within reach. We plan to deliver on capacity targets and sustain the momentum using people and resources to achieve operational excellence. 
 
-Ends-
 
About Transcorp
 
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant - Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL 281.
 
For more information about Transcorp, please visit www.transcorpnigeria.com
 

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30th April 2013

GT 16 Back in Service

The Management and Staff of Ughelli Power Plc is glad to inform you that GT 16, a 100MW gas turbine, which was one of our critical projects, has been restored to service. It was on the Natinal Grid, Monday 29th April 2013, delivering 90MW to Nigeria.

 

Many thanks to the Federal Ministry of Power (FMP) and Presidential task force on Power (PTFP) for their patience, support and understanding towards the restoration of the unit.

 

 

ENGR. P.I. UMUNNA

MD/CEO

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18th April 2013

Ughelli Power Launches New Website

The new website of Ughelli Power, went live on 9th April, 2012. The world now has access to information concerning Ughelli Power.

The launch of the new website, which offers quick and easy access to essential information on Ughelli Power, is part of the ongoing efforts to enhance quality and availability of information to staff and consumers.

The website boasts a modern look and is divided into: About, Plants/Facilities, Press Release, Safety Policy and Contact.Each page provides detailed information on all the aspects of the organisation's functioning.

The website's user-friendly nature provides users with more efficient access to Ughelli Power's resources.

For news and press releases, the Press Release sectionn has been created, to provide timely updates on happenings in Ughelli Power.

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