Transnational Corporation Plc has revealed that it has relocated four of its eight turbines from Afam in Rivers State to Delta State to increase power generation following gas supply constraints.
This was disclosed by the President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, during the company’s third-quarter investors’ call on Tuesday.
The PUNCH reports that Transcorporation Plc is an indigenous conglomerate with investments in the power, hospitality, and energy sectors of the economy.
Omogiafo said, “We have eight new turbines that are located in the Afam axis in Rivers State. Unfortunately, there were some gas challenges there. So what did we do as innovative, resilient people? Instead of denying Nigerians more access to power, we took it upon ourselves, with the support of regulators and other strategic partners, including our board, to relocate four out of the eight turbines that are there and relocated them to Delta State.”
She explained that the move was aimed at boosting generation.
“We are able to generate more power because we have more gas sources in that region, unlike the eastern axis. But things have also improved because as Heirs Energies has improved their gas, they’ve actually brought back to life a gas well which is now providing gas to the turbines that we have left in Afam as well as Ughelli,” she said.
Omogiafo added that both Transcorp Power and Transafam Power will remain focused on increasing generating capacity in the fourth quarter, with the former, Transcorp Power, targeting “750 megawatts of available capacity.
But the average for the year will be 620 when you average from January to December 31. Of that 620, we target to generate 528 megawatts on average, with a peak generation of 590. As of Q3, we’re already at 424, and we are on track to achieve what we set out to do.”
“For Trans-Afam, we have successfully relocated four turbines from Afam to Ughelli, and we are finalising all the electrical connections. They’ve all been successfully tied to the grid, and one continues to operate, but we’re going to conclude the remaining three. And this week, push on with that generation. So, for Trans-Afam, at the end of this year, the target is to have an available capacity of 378 megawatts, of which we are going to be doing 294-megawatt targets,” she said.
She also noted that “for both generation companies, we will drive the commercial side, exploring bilateral contracts with DisCos and eligible customers where possible, as well as leveraging the operators of the Nigerian grid to ensure that we are able to get power out from our various plants to the end users.”
The Managing Director/CEO of Transcorp Hotels Plc, Uzo Oshogwe, said the Transcorp Ikoyi Hotel project was progressing. “We are making good progress at the Transcorp Ikoyi Hotel. One of the great strides we’ve made is that we’ve secured the government building approval and received the government’s consent for that development. As you know, the development is across 24 floors, 315 keys. We’re going to have a 900-seater ballroom and modernised back-of-house facilities.”
She added, “We are at the final stages of our tendering process, where we’re going to select grade A contractors for civil works and also a grade A MEP contractor. And we are extensively going through development engineering so that we ensure that we have value for our money. As soon as that is done, and we’ve selected our contractors, then we will actually go to the site. We have actually concluded the piling for the hotel tower. So, by this time next year, we’ll have made great progress on site.”
According to Transcorp’s financial results, the power sector posted N341.1bn in revenue and N93.2bn PBT in Q3 2025, already surpassing full-year 2024 figures. The hospitality sector also outperformed, achieving N72.3bn in revenue and N22.4bn PBT by Q3 2025, exceeding FY 2024 results and reflecting strong market recovery, operating efficiency, and sustained consumer confidence.
Responding to a question on impairment, the Group Chief Finance Officer, Festus Izevbizua, said, “Impairment provision is a requirement of the International Financial Reporting Standard, IFRS 9, and is based on a number of metrics. The weighted average of those metrics is the outcome. So, it’s not a static number. It can increase today and decrease tomorrow. This impairment we have largely relates to outstanding balances due from Nigerian Bulk Electricity Trading secured by the Federal Government. Once they are paid, this impairment will be unwound and reversed back to the income statement of the company.”
