On Monday, March 4, 2024, Transnational Corporation Plc announced that Transcorp Power Plc, a subsidiary, would be listed on the Nigerian Exchange’s Main Board through listing by introduction.

The parent company said in a statement, “There will be a ‘Facts Behind the Listing’ at NGX Group House at 2:45 p.m., where the management of TP Plc, led by the Chief Executive Officer, Peter Ikenga, will provide information to trading license holders, analysts, the press, and investors about the listing and the company.”

Transcorp Power, Overseen by the Chairman of the Group, Tony Elemelu CFR, joins Femi Otedola’s Geregu Power Plc as the two listed power companies on the NGX, making it a well established contribution for the economy.

Geregu Power is the most valuable power company, based on market capitalisation, with a market cap of N2.4tn.

Wakadaily learnt that the Transcorps  power will boast an expected valuation of N1.8tn, positioning it as the second most valuable power company on the exchange, automatically qualifying it to join the SWOOTs (stocks worth over one trillion naira).

Transcorp Power operates the Ughelli Power Plant in Delta State, baring an installed capacity of 972 MW. At the time of acquisition, the plant had an available capacity of 160 MW.

It was also revealed to have invested and increased the available capacity to 680.83 MW (a 227 per cent increase) within four years of acquisition, surpassing the 5-year target of 670 MW set by the Bureau of Public Enterprises.

Participating in the ECOWAS Regional Electricity Market, the company is a member of the West African Power Pool.

A 60% share in Abuja Electricity Distribution Company was purchased by Transcorp Power in August of last year.

The majority stakeholder in the company currently is billionaire businessman Elumelu.