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Friday,
November 06, 2020 / 09:50 AM / Transcorp Plc / Header Image Credit:
Transcorp Consortium is pleased to announce the 100% acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as "Afam GenCo"), at an acquisition cost of N105.3bn.
The announcement was made at the State House, Abuja on Thursday, November 5,
2020, during the signing ceremony between the Federal Government, represented
by His Excellency, the Vice President of Nigeria, Professor Yemi Osinbajo, SAN
and Transcorp Consortium represented by the Chairman of Transnational
Corporation of Nigeria Plc (Transcorp), Mr. Tony O. Elumelu, CON.
The Vice President, Professor
Osinbajo, said "Today marks a
milestone for the country with a return to private sector investment in the
power sector. This investment by Transcorp in acquiring 'Afam Power Plc' and
'Afam Three Fast Power' is the first of many new investments planned in the
sector across the value chain. We expect that under Transcorp's ownership the
operational capacity of the facility will be raised to its full capacity."
The Vice President
further stated "We have seen the progress that Transcorp has made with the
Ughelli Power Plant in raising the operational capacity significantly,
since it acquired the plant in 2013, and we expect nothing less from the Afam
acquisitions. We have no doubt that the addition of Transcorp to the Afam
community, will come with the forward thinking Corporate Social Responsibility
initiatives that Tony and his team are known for. This transaction is a
confirmation of the reform trajectory the Administration is leading in the power
sector."
Speaking on Transcorp's track record, the Director-General of the
BPE, Mr. Alex Okoh said "Transcorp Consortium is one of the success stories of
Nigeria's Privatisation Programme. Through its investments in Transcorp Hotels
Plc and Transcorp Ughelli Power Limited, the consortium has consistently
achieved its performance targets as contained in the respective
post-acquisition plans."
The Chairman of Transcorp,
Tony O. Elumelu, CON, commended the Federal Government for the role it
played in making the acquisition a reality. "Bringing affordable, dependable
power to the Nigerian people is core to Transcorp's mission. Our
significant investments in the power sector are demonstrations of our
contribution to the economic transformation that I know Nigeria is capable of.
Power remains the single most critical factor for lifting our people out
of poverty and job creation for our teaming youth. The acquisition marks
a significant milestone for Transcorp in the pursuit of its corporate purpose of
improving lives and transforming Nigeria. I am honoured to be working with the
Federal Government and urge it to continue its policy of creating an enabling
environment, that sustains the confidence of both local and foreign investors -
and delivers the opportunities and aspirations that all Nigerians seek".
Afam Power is a 1000MW
capacity power plant.
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