Transcorp Set To Acquire NNPC’s Moribund Gas Plants

Chairman of the Board of Directors of Transcorp Transnational Corporation of Nigeria Plc, Tony Elumenu, has unveiled the firm’s plan to buy all the Nigeria National Petroleum Corporation’s, NNPC, abandoned gas plants all over the country and resuscitate them.

The business mogul explained that his Transcorp conglomerate intended to invest more in power generation, and hoped to increase its internal power generation from 300 to 800 megawatts to power their operations across the country from June this year.

Elumenu spoke at Transcorp Hotel Calabar weekend, venue of the 10th Annual General Meeting (AGM) where the company’s stakeholders, shareholders and auditors converged.

He said electricity had affected them during the period, and that it was imperative they took the bull by the horn. “We are almost concluding discussions with management of NNPC to buy over their idle gas plants in the country. We want to revamp these plants to boost our internal power generation for our operations.

“We are doing this because power has been one of our greatest challenges both in our companies and our country.