Transnational Corporation of Nigeria Plc, Transcorp, a diversified conglomerate, has stepped up its presence in the nation’s power and petroleum sectors.

While commending the company for declaring dividends at the 15th Annual General Meeting (AGM) in Abuja despite the negative impact of the COVID-19 pandemic, the shareholders noted the significant advances in the Group’s integrated energy strategy, with the acquisition of Afam Power Plant Plc and Afam III Fast Power Limited.

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The Chairman of Transcorp, Mr Tony Elumelu, thanked the shareholders for their continued support and promised that the Group will continue to execute its expansion, in line with its mission of ‘Improving Lives and Transforming Nigeria’.

Elumelu stated: “It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300million Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group’s success.

“Our team added value across our portfolio.   In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW.

“This acquisition demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa.   In oil & gas, the Group is driving forward investment in OPL 281 and participated in the acquisition of OML17.   In hospitality, a new digital platform, Aura by Transcorp Hotels, which is set to redefine hospitality standards, was launched.”

The Chief Executive of Transcorp, Owen Omogiafo said: “Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market”.