Omogiafo, who made this disclosure during a media briefing
noted the previous challenges with gas and transmission but highlighted the
impressive improvement recorded in Transcorp’s power business in the first half
of 2023.
She said: “In the first half of 2023, we focused on
improving our mechanical available capacity. Although there were still some
challenges with gas and transmission, we saw a great improvement in our power
business.
“Going by the strategy we are working with, by year-end we
will have about 2,000 megawatts of available capacity and with gas issues
getting the focus, especially with the new Minister of state for gas who will
focus on it noting that about 79% of Nigeria’s power is thermal, meaning gas fired.
“When these issues are resolved, we will, of course, get
more value and continue to grow”, the group’s CEO added.
On the recent Abuja Electricity Distribution Company (AEDC)
acquisition by the group, she said that Transcorp was part of a consortium that
acquired the 60% AEDC stake to boost the nation’s power supply.
Omogiafo further clarified: “In 2013, when the initial
privatization of the sector happened, Transcorp and others went in, the
narrative was we are not generating enough power to meet our needs. Transcorp
Group, being a patient investor, has done well in the generating space in the
last ten years.
“As we moved on, we saw that the problem was shifting and
not just about power generation but was about getting the power to the
end-user. That is what led us and other investors to say let’s see how we can
take what has been built by the generating companies down there.
“That is what has led the Transcorp-led consortium to the
AEDC acquisition, and we are confident that we can fix it. People want reliable
power and today with the rising cost of petrol and diesel, people are finding
out that we can’t afford to be running our generators to sustain businesses.
“That is why we are leveraging upon the discipline and
competence that we have as turnaround gurus, we will work with the other
investors to turn around Abuja Disco so that it can serve the catchment areas
that it covers and perhaps in doing such, industrialization, urbanization will
grow”, she added.