Aduragbemi Omiyale
By Aduragbemi Omiyale
In five years’ time, members of the investing public will be able to buy and sell shares of Transcorp Power, the Chairman of Transcorp, Mr Toby Elumelu, has confirmed.
In an interview with Arise TV last week, the serial entrepreneur said the power-generating company wants to put some things in place before going public, playing down speculations that the list of the firm would be done very soon.
Last year, Geregu Power Plc joined the Nigerian Exchange (NGX) Limited, triggering rumours that Transcorp Power would follow suit.
But Mr Elumele denied reports of planning to list Transcorp Power, a subsidiary of Transcorp Plc, on the domestic bourse.
He made this clarification while reacting to reports that his friend, Mr Femi Otedola, has acquired a 6.3 per cent stake in Transcorp Plc.
Mr Otedola, who is the Chairman of Geregu Power, later sold his holdings in Transcorp in a landmark deal after he was pacified to leave the firm for Mr Elumelu.
“No (we are not listing), I hear that rumour from time to time, especially after some competing institutions were listed on the exchange. We are long-term players. We wanted to grow more and more significantly,” he said.
“There are a few more things we wanted to do in the power sector so that it can blossom,” he added.
He, however, proceeded to confirm that Transcorp Power may be listed on the NGX in about five years on the condition that transmission lines and challenges with gas supply would have been fixed.
“We are looking for about five years from now to list on the NGX.
“We believe in the next five years, the transmission line will be fixed and gas supply to the sector would have improved significantly,” Mr Elumelu, who is also the Chairman of UBA Group Plc, stated.
