Afam plants: FG signs Share Sale, Purchase Agreements with Transcorp Plc

The Federal Government has signed the Share Sale and Purchase Agreements for the Privatization of Afam Power Plc and Afam 3 Fast Power Limited with Transcorp Plc.

This was disclosed by the Vice President Yemi Osinbajo via the Presidency Twitter handle on Thursday.

According to the tweet, the Signing Ceremony of the Share Sale and Purchase Agreements for the Privatization of Afam Power Plc and Afam 3 Fast Power Limited took place at the State House, Abuja.

Commenting on the rationale behind the deal, Osinbajo said:

‘’We expect that under @TranscorpPLC’s ownership the operational capacity of the facility will be raised to its full capacity.”

Today the Signing Ceremony of the Share Sale and Purchase Agreements for the Privatization of Afam Power Plc and Afam 3 Fast Power Limited, at The State House, Abuja. Presided over by Vice President @ProfOsinbajo, Chairman, National Council on Privatisation (NCP). pic.twitter.com/iEinjnOfMX

— Presidency Nigeria (@NGRPresident) November 5, 2020

What you should know:

• The aforementioned power plants were sold to Transcorp Plc
• The Afam Power Plc and Afam 3 Fast Power Limited plants have a combined capacity of almost 1,000MW, with a current usable (operational) capacity of 240MW from Afam III and about 100MW from Afam Plc.