The Chairman, Board of Directors of Transnational Corporation (Transcorp) Group, Tony Elumelu has revealed that the current market value of the company is now N4.5 trillion ($3bn).

Elumelu made the disclosure in Abuja on Wednesday during the 19th Annual General Meeting of the Corporation.

He said, “The Company has witnessed significant growth occasioned by sustained innovation and strategy and now has a hit a market value of N4.5 trillion Market value from less than N20 billion in 2011.”

Speaking on the Progress made in 2024 FY, he said, “On March 4, 2024, we successfully listed Transcorp Power PIc on the NGX (via introduction) at N240 per share. As at December 31, 2024, Transcorp Power’s share price was N364.90 (a 52% increase), with a market capitalisation of N2.74trn while we also completed the The 5,000 capacity Transcorp Centre located at the Transcorp Hilton, Abuja.

“Also, the share capital reconstruction of Transcorp was effected on October 28, 2024 following Shareholders’ approval at the last AGM. The market has received the reconstruction very positively, as evidenced by the increase in the stock price, as well as the liquidity of our shares, with Transcorp being recognised as one of the best performing companies on the NGX in 2024.

“In the same vein, Trancorp power generating capacity moved from 138MW to 305MW Transafam Power Limited increased its available Power generating capacity, just as Transcorp Power fully paid down its FX acquisition and FX loan of $215 million in 2024. The full repayment of the USD loan further improved the financial stability of the company,” he explained.

On dividend, Elumelu said the Board of Directors has recommended a full dividend of N1.00 per share comprising the interim dividend of 40 kobo (equivalent of 10 kobo per share pre-capital reconstruction) paid on August 07, 2024 and a final dividend of 60 kobo per share for approval at the 19th Annual General Meeting being a total dividend of N10.161 billion.

The Chairman also called on the federal government to pay outstanding debt owed Power Generating Companies (GenCos) to avoid collapse of the sector.

Also the President/GCEO of Transcorp, Dr. Owen Omogiafo revealed that there are plans to expand its Hotel business with Transcorp Ikoyi and Trancorp Portharcourt.