Osinbajo Commends Trancorp’s Investment Drive At Launch Of Afam 3 Fast Power Plant
The Vice President, Professor Yemi Osinbajo, has commended the Trancorp Group for its giant stride in the power sector.
The Vice President gave the commendation at the launch of Afam 3 Fast Power Plant where he represented President Muhammadu Buhari.
Officially launched on Tuesday, May 9, 2023, the power plant is situated in Oyigbo local government area of Rivers State.
A 240 megawatts power plant, it belongs to TransAfam Power Limited, a subsidiary of Transnational Group (Transcorp).
Transcorp Group is chaired by African business leader, Tony Onyemaechi Elumelu.
Recognising Transcorp’s investment drive, the vice president said, “the tide (inadequacy of investment) is turning with indigenous power entrepreneurs such as Transcorp Power, and Heirs Holding making significant investment such as this hundred percent acquisition of the 966MW installed capacity Afam Power Plc and Afam 3 Fast Power Limited (jointly referred to as “Afam GenCo”), at an acquisition cost of N105.3 billion.
“Only yesterday, the National Council on Privatization formally delisted Transcorp Power PLC (formerly known as Ughelli Power PLC) from routine Monitoring & Evaluation by the BPE, indicating yet another successful power investment’, Prof Osinbajo went further.
The Vice President who doubles as the chairman of the National Council on Privatization continued, “the last few days, I must say belong to Transcorp Power because at the same meeting of the NCP the council approved Transcorp Power consortium as preferred bidder for the acquisition of the Abuja disco.”
Speaking on the development obviously giving him great joy, the chairman of Trancorp Grop, Tony Elumelu maintained the focus is to continue to improve on performances striving to create an enabling environment for the overall development of Nigeria.
He said, “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit — the implications for our people, our businesses, our schools, hospitals and institutions – our national destiny,
“Therefore, I am so proud today that we have been able to bring together so many key stakeholders.”
