Elumelu Tells Gains Of Transcorp Power N1.8trn Listing On NGX
Renowned business leader, Tony Elumelu has spoken on the gains of listing shares of Transcorp Power on the Nigerian Exchange Group (NGX).
Transcorp Power, a subsidiary of Transcorp Group – with the extraordinary businessman as chairman – officially becomes listed on the Nigerian Exchange Group (NGX) on Monday, March 4, 2024 adding more than N1.8 trillion to the market capitalization of NGX.
He touched on the gains of the heartwarming development in a post via his social media handle on Tuesday, March 5, 2024.
He said the success just recorded will definitely help in opening up Transcorp Power to new investors in Nigeria and beyond.
“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”, Elumelu maintained.
“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 founder of Tony Elumelu Foundation equally explained.
Reflecting on success story of the 10year-old power company, the founder of Heirs Holdings – a leading investment company in Africa – disclosed:
“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.”
