Mr Peter Ikenga has been appointed the Managing Director/CEO of Transcorp Power Limited, to over from Mr. Christopher Ezeafulukwe who has been appointed the new Managing Director/CEO of Abuja Electricity Distribution Company (AEDC).
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Transnational Corporation Plc (NGX: TRANSCORP) formally informed its shareholders and the Nigerian Exchange Limited of the recent changes in its corporate leadership via a statement signed by Owen Omogiafo, The President and Group CEO.
Mr. Ikenga currently serves as CEO of Transcorp Energy, the Group’s oil and gas subsidiary, where he leads the Group’s upstream petroleum development
strategy.
Investogist reported in May that the Federal Government approved Transcorp Power as the preferred bidder for the Abuja Electricity Distribution Company (AEDC).
Transcorp Power Limited, located in Ugheli Delta State with a 972MW capacity power plant is one of the power subsidiaries of TRANSCORP, with the other being Transafam Power Limited consisting of Afam Power Plc and Afam Three Fast Power with a combined installed capacity of 966MW located in Okoloma Afam, Rivers State.
The Ughelli Power plant built in 1964 and became operational in 1966 is a gas-fired thermal plant, it is the largest fossil-fuel based power generating station in the Nigeria.
On September 25, 2012, Transcorp Ughelli Power Limited (TUPL) (which comprises Wood Rock Energy Resources Limited, Symbion Power LLC, Thomassen Holding Limited, Medea Development S.A., Tenoil Petroleum and Energy Services Limited and PSL Engineering and Control Limited) won the $300m bid for the acquisition of the Ughelli Power Plant, one of the six power generation companies of the Power Holding Company of Nigeria (PHCN) being privatized by the Federal Government of Nigeria. Symbion Power divested in September 2015.
On November 1, 2013, Transcorp Power officially took physical ownership of Ughelli Power Plc, and became the owner and operator of Ughelli Power Plant following a handover ceremony hosted by the Federal Government of Nigeria.
At the time of acquisition, the plant had an available capacity of 160MW. Transcorp invested and increased the available capacity to 680.83MW (being a 227% increase) within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
