Yesterday, was a proud day for me: Transcorp Power listed its shares via introduction on the Main Board of the Nigerian Exchange (NGX), adding more than N1.8 trillion to the market capitalization of NGX. Transcorp Power gained 10% and closed its first day of trading at N264 per share up from listing price of N240.
Just over 10 years ago, Transcorp embarked on a journey with the acquisition of Ughelli Power Plant with an installed capacity of 972MW. Investing significantly in the power sector is our most tangible demonstration of Africapitalism in action. We have built a business in the most crucial area of the Nigerian economy, one that provides energy to our homes, schools, hospitals, and industries – we have done well whilst performing a social good. We are proud to celebrate this example of our mission of improving lives and transforming our nation.
Our investment in Transcorp Power is a core element of Transcorp Group’s integrated power strategy, ensuring our natural resources are harnessed for the optimal development of the Nigerian economy.
The listing of Transcorp Power on the Main Board of the Nigerian Exchange (NGX) is a demonstration of Transcorp Group’s collective resolve to continue powering the growth and development of our beloved nation. It also demonstrates the Transcorp Group’s strong corporate governance, operational excellence, and commitment to value creation for all stakeholders.
The Listing by introduction means Transcorp Power is not issuing new shares to raise equity. However, existing shareholders will now be provided with the opportunity to sell to the public and create liquidity. Equally, Nigerian institutions and the investing public can now participate in our success story.
The listing by Transcorp Power at N1.8 trillion, reinforces the NGX’s position as one of the largest exchanges in Africa. This milestone will open up Transcorp Power to new investors, both within Nigeria, as well as international institutions, creating long-term value for all stakeholders.
Transcorp Power celebrated its 10th Anniversary in 2023, marking a decade of impact in the power sector. Here are some remarkable milestones:
- From an initial available capacity of 160MW, we have grown to a staggering 680.83MW within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises (BPE).
- Transcorp Power became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises (BPE).
- Transcorp Power contributes to the West Africa Power Pool, highlighting its influence and commitment to the regional power sector. The Company was appointed to serve on the Executive Board of the West Africa Power Pool (WAPP) for two years. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
The journey, from aspiration to achievement, reflects our collective spirit – a spirit that dares to dream and works tirelessly to turn those dreams into reality. It is a testament to vision and execution.
Transcorp is committed to catalysing economic growth and prosperity. We invest in strategic sectors within the economy, transform and expand businesses, and consciously seek ways to increase value. Our track record is evident with Transcorp Hotels Plc and now Transcorp Power Plc. We are focused on improving access to electricity for all, creating sustainable value for our shareholders and contributing to our nation’s development.
We are pleased to have the NGX and the investing public as partners on this journey to illuminate Nigeria’s future. Well done to Owen Omogiafo, CEO, Transcorp Group and the entire Transcorp Power team, led by Peter Ikenga, who have worked tirelessly to turn this vision to reality, embodying the spirit of excellence that Heirs Holdings Group represents.
This is a new phase for Transcorp Power Plc, the opportunities are boundless, and I look forward to many more milestones.
#TOEWay
