Elumelu’s Transcorp Power Makes Historic Listing On NGX

In a giant step to improve the power sector, Transcorp Power Plc will on Monday March 4, be listed on the Nigerian Exchange Limited.

The parent company, Transnational Corporation Plc (Transcorp Group) disclosed the development in a notification to the investment public.

With the development, Transcorp Power controlled by the Chairman of the Group, Tony Elumelu, joins Femi Otedola’s Geregu Power Plc as the two listed power companies on the NGX.

The Group announced the listing of “Transcorp Power Plc (Transcorp Power or TP Plc) via listing by introduction on the Main Board of the Nigerian Exchange (NGX), on Monday, March 4, 2024.

“There will be a ‘Facts Behind the Listing’ at NGX Group House at 2:45pm, where the Management of TP Plc, led by the Chief Executive Officer, Mr. Peter Ikenga, will provide information to Trading License Holders, Analysts, Press and Investors about the listing and the Company,” the Group said.

The Group which has a market capitalization of N580.4bn said with the listing it will have two subsidiaries listed on NGX.

Transcorp Hotel is one of its subsidiaries, which was listed in 2015.

The Group said the move demonstrates its “Commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria. Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc.”

Transcorp Power, operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW.

Transcorp Power invested and increased the available capacity to 680.83MW (a 227 per cent increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.

Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market which supplies electricity to the ECOWAS Regional Market.