Transcorp Plc announces new member to its board and changes in its management team

NIGERIA – The Board of Transnational Corporation of Nigeria Plc (Transcorp), a conglomerate company, has announced the appointments of Mr Victor Famuyibo and Mallam Ahmadu Hamman Sambo to its Board of Directors. The Group also formally announced the appointments of two new members of its executive management team, Engr. Vincent Ozoude, as MD/CEO of Trans-Afam Power Ltd and Mr. Peter Ikenga, as MD/CEO of Transcorp Energy Ltd. “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment…

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Heirs, Transcorp acquire 45% stake in oil license OML 17 from Shell, Total and Eni

NIGERIA – TNOG Oil and Gas Limited, a company owned by Heirs Holdings alongside Transnational Corporation of Nigeria Plc, has acquired a 45% participating interest in Nigerian oil license OML 17 and related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset whose financing component was US$1.1 billion, provided by a consortium of global and regional banks and investors. OML 17 has a current production capacity of 27,000 barrels…

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Transcorp Consortium acquires Afam GenCo to maximize operational capacity

NIGERIA – Transcorp Consortium, a leading industrial holding company, has announced the 100 per cent acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as Afam GenCo), at an acquisition cost of N105.3 billion (US$272m). “Today marks a milestone for the country with a return to private sector investment in the power sector,” His Excellency, the Vice President of Nigeria, Yemi Osinbajo said. “This investment by Transcorp in acquiring Afam Power Plc and Afam Three Fast Power is the first of…

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