Business
Details As Osinbajo Launches Afam 3 Fast Power Plant, Releases Pictures
“I would like to commend Mr. Tony Elumelu for driving investment”
Vice President Yemi Osinbajo has launched the Afam three-fast power plant.
And he released telling images of the event in a social media post.
The 240 megawatts power plant is located in Oyigbo local government area of Rivers State.
It is the property of TransAfam Power Limited, an arm of Transnational Group (Transcorp).
The newly launched power part of Afam Genco ( Afam Generation Company) along with Afam Power plc.
Osinbajo, who represented President Muhammadu Buhari at the launch which held on Tuesday, May 9, 2023, hugely applauded Transcorp for its giant stride in the power sector and declared that “the tide (inadequacy of investment) is turning with indigenous power entrepreneurs such as Transcorp Power, and Heirs Holding making 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.
“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 Vice President who is also the chairman of the National Council on Privatization added “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 preferred bidder for the acquisition of the Abuja disco.”
He also praised the Government of Rivers State and local communities for ” working constructively with the power companies to ensure continued peace and security in the Afam Cluster, without which we wouldn’t be here today commissioning this project.”
The minister for power Abubakar Aliyu represented by the permanent secretary of the ministry, Temitope Fasedemi disclosed that “Afam Plc was taken over from the ministry of power with a capacity of 70MW. What I hear today is that, capacity exceeding 100MW is being recovered from the plant,
“I would like to commend Mr. Tony Elumelu for driving investment in the Nigerian power sector across the value chain, your team has spoken to me the best in the sector so far.”
In his reaction, the chairman of Transcorp Group Tony Elumelu stressed that the focus remains to continue to improve on performances striving to create an enabling environment for the overall development of Nigeria.
“We all know the importance of power in Nigeria. We all experience the consequences of our power deficit — the implications for our people, our businesses, our schools, hospitals and institutions – our national destiny,
“Therefore, I am so proud today that we have been able to bring together so many key stakeholders.” the extraordinary entrepreneur stated.
