Transcorp Power Limited, Nigeria’s leading power generation company, has been presented with a post-privatisation discharge certificate by the Federal Government of Nigeria.
Nigeria’s Vice President, Prof. Yemi Osinbajo presented the certificate at the Presidential Villa, Abuja, on Monday
Prof. Osinbajo who is also the Chairman, National Council of Privatisation (NCP), said the government was delighted at the company’s fulfilment of the privatization conditions.
The discharge certificate was received by Mr. Tony O. Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
With the discharged certificate, the company located in Ughelli, Delta State, with an installed capacity of 972MW will no longer be subjected to Federal Government’s post-privatisation monitoring.
Speaking at the ceremony, Prof Osinbajo said Post privatisation monitoring is an important aspect of Federal Government’s privatisation programme.
The VP, who said Transcorp Power has surpassed expectations with all post privatisation deliverables, commended Mr. Elumelu and his team, urging them to continue to do better”.
Responding, Group Chairman, Transcorp Plc, Mr. Tony O. Elumelu, expressed appreciation to the Federal Government for the trust and confident reposed in Transcorp.
He said Transcorp was driven by a strong indigenous agenda as the company’s plants were managed and fully operated by Nigerians, adding that it was creating jobs and reducing unemployment in the country.
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Mr. Elumelu noted that due to the priority company attached to safety, it has “recorded zero incident from 2013 till date”.
Also speaking at the event, the Director General of the Bureau of Public Enterprises, Alex Okoh, congratulated the Board and management of Transcorp for the milestones achieved in turning around the enterprise.
He noted that “Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013″.
Mr. Okoh who disclosed that capital expenditure totaling N58.612bn was covenanted for phase1, phase 2 as ‘additional investment’, added that actual investment made by Transcorp was N83.85bn, leading up to a score of 143%.”
Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of Nigeria on 1st November, 2013 during the privatisation of the power sector.
At the time of acquisition, the plant had an available capacity of 160MW. Transcorp invested and increased the available capacity to 680.83MW (being a 227% increase) within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
Transcorp Power Limited is a member of West African Power Pool and a participant in the ECOWAS Regional Electricity Market as it supplies electricity to the ECOWAS regional market.
In 2020, Transcorp Group increased its installed capacity to 2,000MW with the acquisition of Afam Power Plc and Afam III Fast Power Ltd, located in Rivers State.
Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. The group’s portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors.
The Transcorp conglomerate includes Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
