July 23, 2024
Vice President Osinbajo inaugurates AFAM 3 Fast Power Project as Transcorp Group emerges Abuja DisCo preferred bidder
Vice President Osinbajo inaugurates AFAM 3 Fast Power Project as Transcorp Group emerges Abuja DisCo preferred bidder
– By Alison Godswill

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Vice President Osinbajo inaugurates AFAM 3 Fast Power Project as Transcorp Group emerges Abuja DisCo preferred bidder

By Eyo Nsima

The Federal government has disclosed the emergence of Transcorp Group as the preferred bidder for the Abuja Electricity Distribution Company, AEDC.

Vice President Yemi Osinbajo stated this while speaking at the inauguration of the 240 megawatts, MW AFAM 3 Fast Power Project in Port Harcourt, Rivers State, where he represented the President.

The Vice President, who disclosed that the National Council on Privatisation, NCP, has already approved the acquisition of the AEDC by Transcorp Group, said: “The challenge before us now is for the industry to leverage the improved commercial environment that has been created to sustainably supply electricity and improve service to all citizens. This administration has made significant strides in this direction.”

The Vice President, who commended the Transcorp Group for its various interventions, said: “The tide (inadequacy of investment) is turning with indigenous power entrepreneurs such as Transcorp Power, and Heirs Holding making a 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.

He said: “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.

“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 the preferred bidder for the acquisition of the Abuja disco.”

Also speaking at the event, the Chairman of Transcorp Group, Mr. Tony Elumelu, said: “We all know the importance of power in Nigeria, we all experience the consequences of power deficit, implications for our people, our businesses, our schools, our hospitals and our institutions. Therefore, I am proud today that we have been able to put together so many key stakeholders.

“Why am I proud and happy, I would like us to tell a success story out of Nigeria. A story that can be repeated over and over again if government, community and the private sector work together as we have worked together here at Afam.

“The Transcorp Group Partnership began in November 2020.  When we signed the Afam power, share sale, and purchase agreement at a ceremony presided over by the Vice President of Nigeria. The journey has not always been easy but we have delivered, capacity recovery, plant investment, infrastructure improvement, excellent community relationships, and a transformed and motivated Nigerian workforce. We are fulfilling our promises to the government.

“Transcorp group is a stakeholder in the power sector, we recognize power is the single most critical factor to lifting our people out of poverty and enabling job creation. It is a sector that has been a strategic priority for us since the inception of our journey at Hairs Holdings. Why is it so, it is because to do well, is to do good. Power is a public good, a right, and a catalyst for a better Nigeria.

“I am delighted to welcome you, Mr. Vice President to the inauguration of this project; it is a testament to your legacy as chairman of the National Council of Privatisation and reinforces our country’s confidence in the ability serious-minded private sector leader to drive economic growth and progress.

“Transcorp has since inception in 2006 laid the way in demonstrating the success of successful revitalization programmes. Transcorp executed the largest capacity recovery in the privatisation power sector in Nigeria by increasing generated electricity of Transcorp power plant in Ugheli by 60 megawatts to over 6080 within five years. We transformed.

“I call on the Federal Government to please resolve the gas and power evacuation challenges that exist in this region so that the capacity we are covering in the plants is optimized for the good of Nigerians.

“I want to use this opportunity to urge the incoming administration also to improve gas supply to our industry and our Afam plants, ensure the completion of the 330 KVF tubor circuit Afam/Ikot Ekpene transmission lines which will increase the capacity of Afam corridor. And success has been built on the partnership with our host community.”

Similarly, the Rivers State Head of Service, Dr. Rufus Godwin, who represented Gov. Nyesom Wike, thanked the Vice President for his love and commitment for the wellbeing of Rivers people and Nigerians at large, adding that “the VP has become a son of Rivers and is welcome to the State anytime.”

Also, the President of General Electric in Nigeria, Muhammed Mijindadi, said: “The Vice President promptly intervened several times,” he disclosed adding that there were times when things were proving rather difficult. He praised the VP, the late Chief of Staff, Abba Kyari, the BPE, and Ministers of Power and Finance, for their support.”

Dignitaries at the event were the Permanent Secretary in the Ministry of Power, Mr Temitope Fashedemi, who represented the Minister, and the Director General, of BPE, Mr. Alex Okoh, among other officials.

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