Transcorp's Ughelli Power Plant Will Attain 850mw Before Dec – Elumelu

Ughelli-PowerTransnational Corporation of Nigeria Plc (Transcorp) has demanded the refund of the N2 billion tax it paid to the Federal Government at its Ughelli Power plant.

Its Chairman, Tony Elumelu, who addressed shareholders during the Ninth Annual General Meeting (AGM) of the conglomerate in Abuja last weekend, said the company had written to the authorities, demanding a refund of the money and hoped the letter would be accorded attention.

According to him, they were asked to use a Special Purpose Vehicle (SPV) when they were acquiring the power plant to enjoy a tax holiday but they were surprised when they were slammed with N2 billion as tax payable to the government.

Elumelu also told the shareholders that Transcorp Ughelli Power Plant would attain 850megawatt (Mw) by December 2015, adding that the availability of gas and the transmission network are the mitigating factors to be looked into.

He said the power plant was in touch with a Canadian company to explore coal power project to complement its gas activities in the power generation.

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