Transcorp Consortium has announced the total 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 N105.3 billion.
The announcement was made at the State House, Abuja on Thursday during the signing ceremony between the Federal Government represented Vice President Yemi Osinbajo and Transcorp Consortium represented by its chairman Tony Elumelu.
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.
“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.”
Speaking on Transcorp’s track record, Director-General of the Bureau of Public Enterprises 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.”
Elumelu 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,” he said.
“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.”
