Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Fast Power
9th May 2023 – Afam, Rivers State; Today, the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo has commissioned Transafam Power Limited - a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State. With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.
In line with Transcorp’s transformative drive, the Federal Republic of Nigeria and Chairman of NCP, His Excellency Professor Yemi Osinbajo, yesterday presented Transcorp Power Limited, its post privatization discharge certificate, following fulfilment of all privatisation conditions at the meeting of the National Council of Privatisation (NCP). This means the Power company will no longer be subjected to post-privatisation monitoring,
Speaking at the commissioning ceremony the Vice President lauded Transcorp Group's impressive strides in the power sector “the last few days I must say belongs to Transcorp Power. Just yesterday, the National council of privatisation approved Transcorp Power’s consortium as the preferred bidder of the acquisition of the AEDC Abuja Disco.” On the gas challenge within the sector, he spoke to gas suppliers claiming their greatest issues were payment uncertainties. He further encouraged gas producers and suppliers to have a fundamental rethink about supply security and preferred ways to ensure gas supply can improve and meet the gap and growing demand in Nigeria. Concluding his remarks, His Excellency specially commended the Federal Government or stating and completing this project also to Mr Elumelu saying, “to Tony Elumelu, the serial power investers and the entire Transcorp team for yet another power sector investment, I am confident that we have all that is required to create one of the best power markets. I am also confident that it will happen within our lifetime.”
The Power Minister, who was ably represented by the Permanent Secretary; Mr Temitope Fashedemi applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria. “Afam Plc was taken over from the Ministry of Power with a capacity of 70MW. What I hear today is that already, capacity exceeding 100MW is being recovered from the plant.” He further expressed appreciation to the Transcorp team: “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.”
The Chairman of Transcorp Group, Mr. Tony O. Elumelu, CFR, commented during the ceremony said “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. Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.
Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. He concluded his speech with the commitment to continue to do well and do good. “We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of “Improving Lives and Transforming Africa”.
The Director General of the Bureau for Public Enterprises, the BPE said “Afam III Fast Power is an important part of the evolving story of Nigeria’s aspiration to bring electricity to millions of homes, families and businesses that provide their livelihood. A major weakness of our privatization process has been inadequacy of private investments and new cash injections. But the tide is turning, with indigenous power and private investment such as Transcorp Power and Heirs Holdings making significant investment such as this 100% acquisition of 966MW a strong capacity Afam Plc, Afam III Fast Power jointly referred to as the Afam Genco an acquisition cost of about a 105.8 billion naira.”
The successful commissioning of the Afam Three Fast Power turbines is a testament to the Transcorp Group's commitment to providing reliable and sustainable power to Nigerians. The commissioning took place shortly after the second anniversary of Transafam Power's operational takeover of the Afam Power Asset.
Transcorp Group remains at the forefront of driving Nigeria’s economic revitalisation through its power investments in Ughelli, hospitality through Transcorp Hotels and now Transafam.