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Business Courage
Monday, February 3, 2014
National Mirror www.nationalmirroronline.net
Transcorp, GE partner to expand capacity of Ughelli power plant
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ranscorp Ughelli Power Ltd , the power subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), and General Electric (GE) have signed an agreement to expand the capacity of TUPL’s Ughelli power plant by1000MW over the next three to five years. Both parties have also signed a separate agreement to rehabilitate the damaged GT 15 turbine at the Ughelli plant, which will add 115MW to the plant’s output. Currently, the Transcorp Ughelli power plant generates 360MW of electricity, up from 160MW on November 1, when Transcorp took ownership of the plant. With the additional 115MW, as well as other rehabilitation works planned at the plant, output at Ughelli will increase to 700MW by December 2014. The Ughelli power plant is Nigeria’s largest gas-fired electricity generation asset. Purchased by Transcorp during the 2013power privatization programme, the $300 million plant is part of the $2.5 billion investment pledge made by the Chairman of Transcorp and Heirs Holdings, Tony O. Elumelu to deliver affordable, accessible power to Africa under the Power Africa Initiative.
Heirs Holdings, Elumelu’s panAfrican proprietary investment company, is Power Africa’s largest private sector investor and a major investor in Transcorp. The agreements were signed at a closed door meeting between executives of both companies, led by Elumelu and the Global Chairman of General Electric, Jeffrey Immelt. They follow a cooperation agreement
executed by Transcorp and GE in 2013. Commenting, Elumelu said, “We are very pleased to work with GE, a proven world leader in power technology development, on the Ughelli plant expansion project. With this, we’ve taken a bold step in fulfilling our promise to Transcorp’s stakeholders and the people of Nigeria. “ In a very short period of time, we
Elumelu
have achieved significant impact – power production has more than doubled, and with this agreement, we will see increased output before the end of this year. We are confident that this partnership with GE will further accelerate the achievement of our goals in the power sector.” Immelt said,“ GE fully appreciates the confidence expressed by Transcorp. We are happy to bring the considerable resources of GE to support Transcorp’s audacious vision for Nigeria’s Power industry. This partnership with Transcorp underlines GE’s deep commitment to developing the Nigerian power sector.” A publicly listed conglomerate with strategic investments in the power, hospitality, business and energy sectors, Transcorp, through TUPL, is committed to transform and bring the plant to profitability by increasing its generating capacity to impact positively on the socio-economic development of Nigeria. GE, one of the world’s most reputable companies is the global leader in the design, manufacture, supply, installation and maintenance of technology and services for the Power, Aviation, Oil & Gas, Healthcare and Transportation sectors. BC
AIICO deploys e-insurance platform to boost consumer service
Igbiti
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IICO Insurance Plc has introduced an online service called AIICO e-insurance in response to the growing need to provide qualitative service to a new generation of insurance consumers who are more technology savvy with the assistant of mobile telephone and apps. The new platform will provide the much desired convenience in the purchase and renewal of insurance policies by customers of the insurance company at the touch of a button, the Company said Tuesday. “This will also enable our customers pay premium, manage policies, request for quotes, and report claims online from the comfort of any location with internet access.” Edwin Igbiti, managing director/
CEO, of the Company said “AIICO e-insurance has come to change the face of the insurance and the way its services are delivered in Nigeria. The insurance industry has become very competitive and companies are finding ways of retaining clients and attracting new ones particularly now that the new generation of consumers have adapted to new technologies for most of their daily activities. Igbiti added that “AIICO under its new management has come up with new strategies to stay ahead as the market leader by building and exploiting many transient competitive advantages. “Our intention is to be flexible, innovative and more customer-centric.” The introduction of the AIICO e-insurance platform is part of our quest for service excellence because our company is committed to continuously deliver improved service quality and value to its customers, the company management stated. AIICO Insurance recently emerged the first insurance company in Africa, to be awarded the ISO 22301:2012 by the British Standards Institution (BSI). This feat according to the company demonstrates its commitment to service excellence. The certification further provides an assurance to customers of AIICO’s commitment to ensuring continuity of service and meeting expectations of stakeholders.BC
Shell announces Q4 2013 results
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oyal Dutch Shell’s fourth quarter 2013 earnings, on a current cost of supplies (CCS) basis, were $2.2 billion compared with $7.4 billion in the same quarter a year ago. Full year 2013 CCS earnings were $16.7 billion compared with $27.2 billion in 2012. Fourth quarter 2013 CCS earnings excluding identified items were $2.9 billion compared with $5.6 billion in the fourth quarter of 2012. Full year 2013 CCS earnings excluding identified items were $19.5 billion compared with $25.3 billion in 2012. Compared with the fourth quarter 2012, CCS earnings excluding identified items were impacted by higher depreciation, increased exploration expenses, lower upstream volumes and weak industry conditions in downstream oil products. Fourth quarter 2013 basic CCS earnings per share excluding identified items decreased by 49 per cent when compared against the fourth quarter 2012, while its full year 2013 basic CCS earn-
ings per share excluding identified items decreased by 23 per cent compared with the 2012 figure. Total dividends distributed in the fourth quarter were some $2.8 billion, of which $1.2 billion were settled under the Scrip Dividend Programme. During the fourth quarter some 27.2 million shares were bought back for cancellation for a consideration of $1.0 billion. Gearing at the end of 2013 was 16.1 per cent compared with 9.8 per cent at the end of 2012. A fourth quarter 2013 dividend has been announced of $0.45 per ordinary share and $0.90 per American Depositary Share (“ADS”), an increase of five per cent compared with the fourth quarter 2012. The first quarter 2014 dividend is expected to be declared at $0.47 per ordinary share and $0.94 per American Depositary Share (“ADS”), an increase of four per cent compared with the first quarter 2013. BC