Oredola Adeola
Transcorp Power Plc has made its debut on the Nigerian Exchange (NGX) through a listing of 7.5 billion ordinary shares of 50 kobo each at N240 per share by introduction, which saw 40 million shares worth N10.56 billion changed hands on Monday, as the company’s valuation soared to N1.98 trillion post-listing.
This monumental event happened on Monday, during a “Facts Behind the Listing” held at NGX Group House.
Transcorp Power Plc has made significant strides, becoming the second top power company in Nigeria to be publicly listed on the exchange.
This achievement follows Geregu Power Plc’s listing on the NGX on Wednesday, October 5, 2022.
These two major developments have created opportunities for investors and shareholders to engage directly in the power generation sector through a private enterprise.
Advisors Reports gathered that the company following the listing projected an annual revenue of over N500 billion by 2031, with its 2023 revenue standing at N142.1 billion.
Peter Ikenga, Managing Director/CEO of Transcorp Power, at the Facts Behind the Listing presentation, in his remark projected an annual revenue of over N500bn by 2031 as the company’s 2023 revenue stood at N142.1bn.
According to the company, following this listing, Transcorp Group will have two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
Further checks by Advisors Reports showed that Transcorp Power as a subsidiary of Transnational Corporation Plc (Transcorp Group), 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 reportedly invested and increased the available capacity to 680.83MW (a 227% 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, supplying electricity to the ECOWAS Regional Market.
In April 2023, Tony Elumelu, the Chairman of Transnational Corporation Plc, revealed that his company’s ambitious strategy aimed at revolutionizing electricity provision for millions of Nigerians and neighboring regions.
Elumelu emphasized that the listing of Transcorp Power will catalyze a significant enhancement in power supply by leveraging the West African Power Pool.
This pivotal move, according to him, hinges on the imperative upgrade of Nigeria’s transmission infrastructure, substations, power lines, and gas supply to the energy sector.
