By Ogochukwu Isioma
Transcorp Power Limited, Nigeria’s leading power generation company, located in Ughelli, Delta State, with an installed capacity of 972MW, was on Monday presented with a post-privatisation discharge certificate by the Federal Government of Nigeria, following fulfilment of all privatization conditions.
With this development, Transcorp Power will no longer be subjected to post-privatisation monitoring and is the first privatized power generation company to achieve this milestone since the power sector privatization commenced in 2013. One of the key targets set for Transcorp is a minimum available capacity of 670MW.
The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by the Vice President, Professor Yemi Osinbajo to Mr. Tony Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
Speaking at the ceremony, Osinbajo said, “Post-privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables.”
He commended Elumelu and his Transcorp team for the great feat, with a charge to Transcorp Group to continue in that path and even do better, noting, “this being the first, should not be the last post-privatization discharge event.”
On his part, the Group Chairman, Transcorp Plc, Mr. Tony Elumelu, thanked the Federal Government for their trust and confident in the conglomerate.
He said: “In addition to fulfilling the post-privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country.
“Safety is very important to us as well, since we began operations in 2013, we have recorded zero incident till date.
“At Transcorp Group, we do well and do good. We have grown together with our Host communities, enriching lives, and improving the community,” Elumelu added.
The Director-General, Bureau of Public Enterprises (BPE), Alex Okoh congratulated the Board and management of Transcorp for the milestones achieved in turning around the enterprise.
He noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.
Okoh said Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013.
While noting that capital expenditure totaling N58.612bn was covenanted for phase 1, phase 2 as ‘additional investment’, Okoh revealed that the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143%.
Transcorp Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government on 1st November, 2013 during the privatisation of the power sector. At the time of acquisition, the plant had an available capacity of 160MW. Transcorp invested and increased the available capacity to 680.83MW (being a 227% increase) within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
Transcorp Power Limited is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
Transcorp Power is a leading power generation plant in Nigeria, with a commitment to developing Nigerian human capital and the plant is currently operated 100% by Nigerians. In 2020, Transcorp Group increased its installed capacity to 2,000MW with the acquisition of Afam Power Plc and Afam III Fast Power Ltd, located in Rivers State.
The company says its mission is to improve lives, “and we are leading the way in energy generation for millions of people in Nigeria and Africa.”
Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Transcorp’s businesses include Transcorp Hilton, Abuja; Transcorp Hotels, Calabar; Transcorp Power, Transafam Power, and Transcorp Energy.
More information on the conglomerate can be obtained from their website, www.transcorpgroup.com.