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Transnational Corporation of Nigeria

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Transnational Corporation of Nigeria plc
Company typeConglomerate
IndustryEnergy, Power, Hospitality
HeadquartersLagos, Lagos State, Nigeria
Key people
ProductsHotels, energy, power
Websitehttp://www.transcorpnigeria.com

Transnational Corporation of Nigeria plc (or Transcorp), is a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors.[1] A publicly quoted conglomerate with a diversified shareholders base of about 290,000 investors, its notable assets include Transcorp Hotels plc (Transcorp Hilton Hotel, Abuja and Transcorp Hotels, Calabar); Transcorp Ughelli Power Limited and Transcorp Energy Limited (operator of OPL 281).[2]

Origin

Transnational Corporation of Nigeria plc was incorporated on November 16, 2004. The original concept was that Transcorp would be a conglomerate, similar to the South Korean Chaebols.[3]

Transcorp's Businesses

  • Transcorp Hilton Hotel, Abuja – a 670-room 4-star hotel.[4]
  • Transcorp Hotels, Calabar – a 146-room destination hotel located in the city of Calabar, Cross River State, Nigeria.[5]
  • Teragro Commodities Limited – the agribusiness subsidiary, operator of the Teragro Benfruit Plant, Benue State, Nigeria.[6] Teragro Limited runs a juice concentrate plant in the Middle Belt area of Nigeria as a result of the available agricultural raw materials.[7]
  • Transcorp Energy Limited – established in 2008 for upstream petroleum exploration, operator of OPL 281. It is a fully owned subsidiary of the Transnational Corporation of Nigeria.[8]
  • Transcorp Power Limited (TPL) – the owner and operator of the Ughelli Power Plant which was privatized by the Nigerian government along with other Nigerian power plants. The plant has an installed capacity of 1000MW.[9] The plant is located in Delta State and had an available capacity of 480 MW as of November 2015. TUPL has made full payment of $300million for the plant.

Acquisitions

  • The Hilton, Hotel, Abuja: In December, 2005, Transcorp acquired 51% controlling stake in the Hilton Abuja for the sum of $105 million (equivalent at the time to N13.7billion) after a very competitive bid. The remaining 49% is owned by the Bureau of Public Enterprise (BPE).[10]
  • Rumens Road: Transcorp also acquired Rumens Road Apartments at 1 Rumens Road, Ikoyi, Lagos in 2005 for N377m.[11]
  • Oil Blocs: Transcorp acquired two oil blocs in the May 2006 bidding round, consolidated in one oil bloc, OPL 281 . Ownership of the OPL 281 oil bloc, which had previously been revoked by the Department of Petroleum Resources, was returned to Transcorp in February 2011 after the payment of the balance of the signature bonus . Transcorp is partnering with Equity Energy Resources (EER), and pan-African energy company SAC-Oil Holdings of South Africa, to take equity and provide resources that will bring the oil bloc into operation.[12]
  • Metropolitan Hotel, Calabar: Transcorp acquired the 146-room Metropolitan Hotel in Calabar (now re-branded Transcorp Hotels Calabar) in June 2010.[13]
  • Benfruits Plant: On November 29, 2010, Transcorp signed a lease agreement with the Benue State Government for the Benfruits juice concentrate plant in Markurdi, Benue State.[14]
  • Ughelli Power Plant: 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 privatised by the Federal Government of Nigeria. The Ughelli plant is a thermal power generating plant located in Delta State, Nigeria with installed capacity of 1000MW but currently producing 330MW which accounts for 8% of Nigeria's total power generation.[15] On February 21, 2013, Transcorp representatives attended the official signing ceremony at the Presidential Villa in Abuja, Nigeria for the winning bidders of the privatisation of the PHCN. The ceremony was presided over by the Nigerian Minister of Power, Professor Chinedu Nebo and hosted by the Bureau of Public Enterprises (BPE).[16][relevant?] TUPL met the 25 percent deposit deadline by paying the sum of US$75million to the BPE on March 20, 2013 and on August 21, 2013, TUPL made payment to the BPE of $225million, representing 75 percent of the $300million bid price for the 1000 megawatt capacity Ughelli Power Plant. On November 1, 2013, the Federal Government of Nigeria officially handed over the plant to Transcorp Ughelli Power Limited.[17]

Recent Partnerships

On January 30, 2013, Transnational Corporation of Nigeria plc and General Electric (GE) signed a framework agreement to collaborate to address the infrastructural needs of Nigeria, with emphasis on the power and transportation sectors specifically rail transportation.[18] GE, a global leader in the design, manufacture, supply, installation and maintenance of technology and services for the power sector, confirmed its commitment to facilitate the generation of 10,000MW of additional power in Nigeria over the next decade in line with its existing agreement with the Federal Government of Nigeria, signed in March 2012.[19]

References

  1. ^ "Archived copy". Archived from the original on 2012-07-22. Retrieved 2012-03-15.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ "Transcorp and Partners Revise Oil License Agreement". Transcorp and Partners Revise Oil License Agreement. Retrieved 2017-08-29.
  3. ^ "Archived copy". Archived from the original on 2012-07-22. Retrieved 2012-03-15.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ "Abuja Hotels - Transcorp Hilton Abuja - Hotels in Abuja, Nigeria". www1.hilton.com. Retrieved 2017-08-29.
  5. ^ "New $250m fund to drive W/Africa's technology development - BusinessDay : News you can trust". BusinessDay : News you can trust. 2013-12-03. Retrieved 2017-08-29.
  6. ^ "Archived copy". Archived from the original on 2013-04-11. Retrieved 2013-02-27.{{cite web}}: CS1 maint: archived copy as title (link)
  7. ^ "Teragro Limited Juice Plant". Retrieved 12 August 2019.
  8. ^ "InvestAdvocate - Market News::...In Your Interest". InvestAdvocate. Retrieved 2017-08-29.
  9. ^ "Archived copy". Archived from the original on 2013-02-25. Retrieved 2013-03-14.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ "Archived copy". Archived from the original on 2012-07-22. Retrieved 2012-03-15.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ Iriekpen, Davidson (2010-06-28). "Nigeria: Court Restrains FG, Transcorp From Evicting Tenants". This Day (Lagos). Retrieved 2017-08-29.
  12. ^ "InvestAdvocate - Market News::...In Your Interest". InvestAdvocate. Retrieved 2017-08-29.
  13. ^ "Nigeria HomePage - Breaking News, Business, Sports, Entertainment and Video News". www.thenigerianvoice.com. Retrieved 2017-08-29.
  14. ^ http://lagosbusinessnews.com/node/388
  15. ^ "The Guardian Nigeria Newspaper – Nigeria and World News". www.ngrguardiannews.com. Retrieved 2017-08-29.
  16. ^ "Archived copy". Archived from the original on 2013-02-26. Retrieved 2013-02-27.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Transcorp takes over Ughelli power plant - Vanguard News". Vanguard News. 2013-11-04. Retrieved 2017-08-29.
  18. ^ "Archived copy". Archived from the original on 2013-02-02. Retrieved 2013-02-27.{{cite web}}: CS1 maint: archived copy as title (link)
  19. ^ "Archived copy". Archived from the original on 2013-02-02. Retrieved 2013-02-27.{{cite web}}: CS1 maint: archived copy as title (link)
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