Business
Details: Elumelu Answers Big Question About Transcorp Power
provided the true picture of things
Tony Elumelu, the Group Chairman of Transcorp Group has provided an answer to the big question about Transcorp Power.
There have been plenty of talks about a planned listing of Transcorp Power, an arm of Transcorp Group, on the Stock Exchange.
Elumelu provided the true picture of things in a recent chat with Arise T.V monitored by SocietyNow.Ng.
The guiding hand behind the extraordinary performances of “this and that” mega enterprises disclosed that there is a plan to list but it is not immediate.
The Transcorp group chairman explained that, at present, the company is focused on growing ” more and significant value in the power sector” but looking to list on the Stock Exchange in five years time.
According to Elumelu, the projection is that ” in 5 years time, the transmission line would have been fixed and the gas supply to the power sector would have improved significantly.”
The business leader explained that the issues with transmission lines and gas supply are not helping the Transcorp Power Plant to operate at optimal levels at present.
” In Transcorp power we generate about 600 megawatts of electricity every day, our installed capacity is about 1,000 megawatts and our generating capacity is over 700. the only reason we can not do 750 a day is because of gas limitations” – Elumelu provided insights during the chat monitored by SocietyNow.Ng.
Though tackling the issue(s) is the duty of the power sector’s overseer, the chairman revealed that Transcorp is already working on a solution for gas.
“We are integrating our energy player and hopefully from our oil and gas plant we will be able to pipe gas to Transcorp power and then increase (electricity generation) because Nigerians need electricity and that is what we commit to Nigerians” Elumelu disclosed.
The business turnaround king who insisted that Transcorp is a long-term player implied the company will be listed on the stock exchange when it is at optimal performance and can give shareholders better value.
