The Chairman of one of Nigeria’s quoted companies on the capital market, Transnational Corporation of Nigeria (Transcorp), Mr. Tony Elumelu, has said the diversification of the company will translate into better returns for shareholders and investors.
“Transcorp aims to be a dominant player in Nigeria’s evolving power industry. We will achieve this by increasing output progressively at the Ughelli Power Plant to about 2,000 megawatts (MW),”Elumelu told stockbrokers and investors on Monday.
He was speaking on the floor of the Nigerian Stock Exchange (NSE) in Lagos during the presentation of the corporation’s ‘Facts Behind The Figures.’
Elumelu said the diversification into the oil and gas sector, power, hospitality and agriculture, was parts of the strategies to turn around the fortune of the corporation.
“We intend to invest in coal power projects. For our hospitality business our objective is to be the premier hospitality company in Africa with a selection of exceptional hospitality assets. In agriculture, we will continue in our pioneering role to ensure rapid agricultural development with a focus on achieving self-sufficiency in food production in Nigeria,” the chairman of Transcorp added.
He said the corporation intended to achieve rapid agricultural development by setting up a 5,000-hectare orange and mango farm under a farm management agreement with international partners.
In addition, he added, the corporation intended to build a 120,000-tonne juice concentrate factory and investing in cassava and rice processing facilities.