FG Hands Transcorp Power Discharge Certificate, As GenCo Fulfils All Privatisation Obligations
•Raises Capacity By 227% In 4 Years
Caption: Group Chairman, Transnational Corporation Plc, Tony Elumelu (third left) receiving the discharge certificate for Transcorp Power Plc, for meeting and surpassing the Post-Privatisation Target set by the Federal Government on the former Ughelli Power Plc, from Vice President, Professor Yemi Osinbajo (third right) on Monday. They are flanked by the Minister of Power, Engr Abubakar Aliyu (left); President/Group Chief Executive of Transcorp Plc, Dr Owen Omogiafo (second left); the Director-General, Bureau of Public Enterprises (BPE), Alexander Okoh (second right; and Managing Director, Transcorp Power Plc, Christopher Ezeafulukwe (right), in a ceremony held at the State House, Abuja.
Ughelli, Delta State based Transcorp Power Limited, Nigeria’s leading power generation company, with an installed capacity of 972 megawatts of electricity, was on Tuesday in Abuja presented with a post-privatisation discharge certificate by the Federal Government of Nigeria, having fulfilled all preset privatization conditions.
The company successfully met and surpassed the minimum available capacity of 670MW, one of the key targets set for it by government.
Transnational Corporation Plc acquired the then Ughelli Power Plc (now Transcorp Power Limited) with an available capacity of 160MW from the Federal Government of Nigeria on November 1, 2013 during the privatisation of the power sector, and increased the available capacity to 680.83MW (about 227%) within four years of takeover, surpassing the five-year target of 670MW set by the Bureau of Public Enterprises.
The discharge certificate presented at the meeting of the National Council of Privatisation (NCP) by the Vice President of the Federal Republic of Nigeria and Chairman of NCP, Professor Yemi Osinbajo to Tony O. Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
This means that Transcorp Power, which becomes the first privatized power generation company to achieve this milestone since the power sector privatization commenced in 2013, will no longer be subjected to post-privatisation monitoring, which an important aspect of the Federal Government’s privatisation programme.
While commending the efforts of Elumelu and his Transcorp team, Prof. Osinbajo said “Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables… I urge Transcorp Group to continue in that path and even do better.”
He charged the team ensure that ”this being the first, should not be the last post privatization discharge event.”
Commenting also, Elumelu thanked the Federal Government for the trust and confidence in Transcorp, assuring that “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”.
Continuing he said Transcorp Group has “grown together with our Host communities, enriching lives, and improving the community”
Also speaking at the event, the Director General of the Bureau of Public Enterprises, Alex Okoh congratulated the Transcorp for the milestones achieved in turning around the enterprise, stressing that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.
“Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013.
Speaking further, he said capital expenditure totaling N58.612bn was covenanted for phase1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143%.
Transcorp Power Limited is a member of West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.