Business
Osinbajo Says Transcorp Power Delivering “Way Beyond Expectations”
“We urge the organization to continue in that path and do even better’
Vice President Yemi Osinbajo has commended the management of Transcorp Power Plc with wealth creator, Tony Elumelu at the vanguard for performing way beyond expectations.
“Transcorp Power is able to deliver power efficiently and it is able to do so even way beyond the expectations of the PAP. We urge the organization to continue in that path and do even better,” Osinbajo who is the chairman of the National Council on Privatization declared during the presentation of the Discharge Certificate to Transcorp Power PLC for the privatization of Ughelli Power Plant PLC, at the Presidential Villa.
PAP stands for Post Acquisition Plan.
The post-privatization discharge certificate was issued to Transcorp Power Plc on Monday, May 8, 2023, for meeting all privatization conditions.
One of the key targets set for Transcorp is a minimum available capacity of 670MW.
“So, this is both an opportunity to commend the management of Transcorp Power PLC, Mr Tony Elumelu and members of the Transcorp Power team, and also to commend the BPE for doing an excellent job of monitoring and being able to come up with, not just a set of criteria, but also an objective means of deciding that we are able today” the Vice President further stated.
The Discharge Certificate removes Transcopr power from the list of routine evaluations and monitoring by the Bureau of Public Enterprises (BPE).
“The routine evaluation and monitoring by the BPE is an important feature of the Post Acquisition Plan (PAP) and it has covenants and deliverables which the enterprise is supposed to live up to and we understand, in this case that Transcorp Power PLC has done exactly that. They have been able to ensure compliance with all of the deliverables, in some cases, exceeding the covenant and deliverables in the PAP.”.
Transcorp Power is the first power company to meet all the requirements since the power sector privatization commenced in 2013.
Transnational Corporation Plc (Transcorp) acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of Nigeria on 1 November 2013.
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 West African Power Pool and a participant in the ECOWAS Regional Electricity Market.
At press time, Transcorp Power supplies electricity to the ECOWAS Regional Market.
