Chairman of Transcorp Plc Tony Elumelu has said that there is no immediate plan to list Transcorp Power on the Nigerian Exchange (NGX).
Transcorp Power, a subsidiary of Transcorp Plc, is one of the leading producers of electricity in Nigeria.
Elumelu, 60, told Arise TV in an interview on Wednesday that a host of issues need to be addressed before Transcorp Power can be listed on the NGX.
He said, “We are long-term players, we want to grow more and significant values. We believe there are a few more things we need to do in the power sector so that sector can actually blossom, the transmission line has to be fixed and the gas supply has to be fixed.
“We believe that when we improve transmission lines and also address the gas supply issue that would be the right time. We’re looking at five years from now to list Transcorp Power.”
Asked if he would be willing to take on more opportunities in the power and oil and gas sectors, the billionaire philanthropist said, “We have a track record. My track record as Tony Elumelu in Nigeria is business turnaround and creating opportunities for shareholders.
“When we took over Transcorp, for instance, it was only Transcorp Hotel that existed. Today, we are talking of power plants with capacity of about 2,000 megawatts. So we know how to grow businesses, turn around businesses, and we know how to smell opportunities when they arrive. So we have just started. That is why I am happy that today a lot more interest is being shown in Transcorp shares.”
