Article summary
- Transcorp Power Plc has been delisted from privatization monitoring under the Bureau of Public Enterprise (BPE).
- Transcorp Power Plc controls and operates the Ughelli power plant in Delta state.
- The plant was privatized in 2013.
Transcorp Power has successfully delisted from privatization monitoring under the Bureau of Public Enterprise (BPE).
According to a statement seen by Nairametrics, Transcorp Power Plc has fulfilled the provisions in the Post-Acquisition Plan (PAP) by the BPE and will no longer be subject to any post-privatization supervision.
During a May 8 event marking the company’s delisting from privatization monitoring at the State House in Abuja, Vice-President Yemi Osinbajo applauded the exceptional performance of Transcorp Power Plc in meeting and surpassing the deliverables outlined in the Post Acquisition Plan (PAP).
VP Osinbajo also said private sector participation will go a long way in elevating the country’s power sector. Osinbajo called on other private sector companies to invest in the power sector to tackle the challenges holding the country back from 100% electrification. He said:
- “The power needs of our country are grave, and we strongly believe that the right approach is the privatization of the power sector to enable serious-minded private sector players to invest in the provision of public power and ensure that they are efficient while they make a profit at the same time.
- “The routine evaluation and monitoring is an important feature of the post-acquisition plan by the BPE and it has covenants and deliverables, which the enterprise is supposed to live up to and we found in this case that Transcorp Power PLC has done exactly that. They have been able to ensure compliance with all the deliverables and in some cases even exceed the covenanted deliverables in the PAP.
- “We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post evaluation plans. Thank you very much and congratulations again to Mr. Tony Elumelu and his team.”
In his address, Tony Elumelu said Transcorp Power Plc is committed to improving access to electricity in Nigeria and highlighted the importance of the power sector in driving the country’s economic growth. He said:
- “We at Transcorp Group recognize the importance of improved access to electricity. We know that with improved access to electricity, people can go to school, hospitals can function well, businesses can operate very well and most importantly can empower the industrialization of our country.
- “This is why we invested in power and why we continue to invest in the power sector because we know it holds the key largely to the success of our country.”
What you should know
Transcorp Power Plc controls the 972-megawatt (MW) gas-fired Ughelli power plant in Delta state. The plant was privatized in 2013.