Toptech Engineering Limited, an indigenous power and data centre company, has said it will explore opportunities in power generation and distribution in the country.
This, according to the company’s Chairman, Alhaji Sheriff Yussuf, has become necessary following the ongoing privatisation in the sector and new opportunities being opened for private players.
He spoke at the company’s Annual General Meeting in Lagos, on Tuesday, saying the it would consolidate its power optimisation and protection business while ‘seeking new opportunities in the power generation and distribution.
“We are following closely developments in the privatisation process ongoing in the electricity generation, transmission and distribution sector to explore opportunities for participation.
“Big time participation, however, would require substantial capital which is beyond the reach of our company.”
He told the shareholders that the company was well positioned to tap into small to medium scale operational support and service opportunities in the evolving dispensation.
Yussuf explained that Toptech’s performance was affected during its 2011/2012 and 2012/2013 financial years by the country’s lopsided economic growth.
This, he lamented, impacted negatively on enterprise development, infrastructural improvements, manufacturing sector survival prospects and balanced distribution of wealth.
Yussuf said all of these severely impair the survival chances of small and medium enterprises, thereby limiting job creation and employment opportunities within the economy.
“We are optimistic that the company will improve on its last financial year’s performance and grow its turnover and profit in the current year, assuming of course that the economy will not be further disrupted by shocks, especially in view of already escalating political tensions in the country,” he added.