By InvestAdvocate

Lagos (INVESTADVOCATE)-The power unit of Nigeria’s top conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) has announced Transcorp Ughelli Power Limited and Ughelli Power Plc has now transformed to Transcorp Power Limited coming on the heels of a successful merger.

“This marks a significant milestone in the corporate history of Transcorp,” a statement from the company said on Monday.

The firm says the merger was designed to harmonise the management and operations of Transcorp’s power business for greater efficiency. “Greater operational efficiency will undoubtedly lead to higher output in terms of power generation and increased shareholder value. Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel generating plant,” Transcorp Power said.

Tony Elumelu, chairman of the Transcorp Power board said while its structure has changed, the company’s objectives have not. “As one of the leading power generating companies in Nigeria, our focus remains on aggressively increasing our output and expanding our capacity to generate at least 25 percent of Nigeria’s power,” Elumelu affirmed

“We have increased power generation by more than 525 percent in the two (2) years since we acquired Ughelli Power Plant, which makes ours the fastest growing among privatised power assets in the country. We are aggressively pursuing our generation recovery capacity programme and are on course to deliver 760MW by December 2015, said Adeoye Fadeyibi, CEO of the newly minted Transcorp Power.