Transcorp Power board approves ₦75m salary for chair, ₦50m for directors

At its twelfth Annual General Meeting (AGM) held on Wednesday Transcorp Power Plc approved a remuneration package that sets the chairman’s salary at ₦75 million and that of each non-executive director at ₦50 million for the financial year ending December 31, 2025.

The decision was part of the resolutions adopted at the AGM, which took place at the Transcorp Hilton Hotel in Abuja. The remuneration for the board members will be effective from January 1, 2025.

The meeting also approved a final dividend of ₦3.50 per ordinary share for the 2024 financial year and oversaw the re-election of key directors, including Emmanuel Nnorom, Owen D. Omogiafo, and Adim Jibunoh. Additionally, Christopher Ezeafulukwe was appointed as a non-executive director.

The shareholders elected representatives to the company’s statutory audit committee, including Olusegun Owoeye, Hauwa Umaru, and Olatunji Hassan, while Adim Jibunoh and Charles Odita were selected as board representatives.

The AGM further authorized the company’s directors to invest in, acquire, or divest from businesses at their discretion. The resolutions come as Transcorp Power continues to expand its footprint in the Nigerian energy sector, following its listing on the Nigerian Stock Exchange last year.

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp), is a leading player in Nigeria’s power sector. The company operates the Ughelli Power Plant and is focused on improving electricity generation in Nigeria.

Its listing on the stock market in 2024 marked a significant milestone in its growth strategy, opening opportunities for increased investments and expansion.