Transnational Corporation of Nigeria

Transnational Corporation Plc (or Transcorp Group) is a diversified conglomerate with strategic investments and core interests in the hospitality, power and energy sectors.[1] A publicly quoted conglomerate with a diversified shareholders base of about 300,000 investors, its notable assets include Transcorp Hotels Plc owner of Transcorp Hilton Hotel, Abuja and Aura by Transcorp Hotels; Transcorp Power Plc, Transafam Power Limited, and Transcorp Energy Limited (operator of OPL 281 and AEDC).[2] As of Q2 2023, Transcorp Group’s market capitalization is in excess of N540bn.[3]

Origin

Transnational Corporation Plc was incorporated on 16 November 2004. The original concept was that Transcorp would be a conglomerate, similar to the South Korean chaebol conglomerates.[4]

Transcorp's businesses

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).[18]

Rumens Road: Transcorp acquired Rumens Road Apartments at 1 Rumens Road, Ikoyi, Lagos in 2005 for N377m.[19]

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 Ownership of the OPL 281 oil bloc, which had previously been revoked by the Department of Petroleum Resources, was returned to Transcorp in February 2011 after the payment of the balance of the signature bonus.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.[20]

Metropolitan Hotel, Calabar: Transcorp acquired the 146-room Metropolitan Hotel in Calabar (re-branded Transcorp Hotels Calabar) in June 2010 and divested in 2023.[21]

Benfruits Plant: On 29 November 2010, Transcorp signed a lease agreement with the Benue State Government for the Benfruits juice concentrate plant in Markurdi, Benue State.[22]

Ughelli Power Plant: On 25 September 2012, Transcorp Ughelli Power Limited (TUPL) won the $300 million 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.[23] TUPL met the 25 percent deposit deadline by paying the sum of US$75million to the BPE on March 20, 2013 and on 21 August 2013, TUPL made payment to the BPE of $225million, representing 75 percent of the $300 million 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.[24]

Transcorp in 2023 purchased 60% stake in the Abuja Electric Distribution Company (AEDC),[25] thereby consolidating its hold in Nigeria's Power sector. The move was made by a consortium, of which was led by Transcorp Power Limited.[26]

type	Company
location	Maitama, Abuja, Nigeria
key people	Emmanuel Nnorom, Chairman Uzo Oshogwe CEO‡R5R‡
industry	Hospitality
parent	Transcorp Plc.
subsid	Transcorp Hilton Abuja, Aura by Transcorp Hotels
website	transcorphotels.com

Transnational Corporation of Nigeria

Origin

Transcorp's businesses

Transcorp Hotels

Transcorp Power Plc

Acquisitions

Recent partnerships

External links

References