By Goddy Egene
The President/Chief Executive Officer of the Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom has assured shareholders of the company of better performance and higher returns in the years ahead.
Speaking on the operations of the conglomerate in Lagos at the weekend, Nnorom said as part of its strategic thrust for brand building and extension, Transcorp Plc, has resolved to continue to improve operational and cost effectiveness as well as explore opportunities to expand product offerings and service delivery.
He said with interests from hotels, agriculture, power generation and oil exploration, Transcorp, is providing shareholders a uniquely diversified opportunity to share in Nigeria’s burgeoning economy.
“Following major acquisitions in power and agribusiness, new initiatives in its hotel and tourism business and the on-going exploratory activities from its existing oil block. Transcorp shareholders are already reaping rewards and this will continue in the years ahead,” he said.
According to Nnorom, Transcorp has made several important business decisions which will have significant impact on its fortunes.
Some of the strategic initiatives, according to him, include additional turbines for power generation, increase in the output of the plant from 160megawatts to 650 megawatts in 2015 and being on track to deliver 850 megawatts of available capacity in 2016.
“Our target is to be responsible for at least 25 per cent of the total power generated in Nigeria. Currently, challenges to the actualisation of these goals include but not limited to supply of good quality gas, transmission losses and inadequate evacuation infrastructure and payment of owed debts to Transcorp Power Limited. Despite these challenges, Transcorp Power Limited is determined to forge ahead in the discharge of its primary objectives and in the creation of lasting value for Nigerians at large,” he said.
Speaking on the Transcorp Hotels Plc, Nnorom said the hospitality arm of the business, successfully closed Tranches 1 and 2 of its N30 billion bond issuance programme, which is intended to fund the upgrade of Transcorp Hilton Abuja and the development of a multipurpose banquet centre.
“Other major ongoing projects include the Transcorp Hilton Ikoyi, where pilling is expected to be completed by May 2016. Transcorp Hilton Port Harcourt has gotten the necessary planning approvals from the Rivers State Government and we are currently revising our design to optimise the use of the expanded site. Transcorp Hilton’s Abuja will be upgrading 670 rooms in the next 18 months. The current focus is on the installation of new elevators and procurement of fittings for guest and meeting rooms. In addition, external works on construction of a new access way, warehouse and car park have commenced,” he said.
According to the CEO regarding the oil block OPL281, it is being prepared for drilling, ensuring adequate measures are put in place for seamless production.