Transcorp Power is the first privatised power generation company to receive the post-privatisation discharge certificate.
By Jeffrey Agbo
The Nigerian government has presented a post-privatisation discharge certificate to Transcorp Power Limited following the fulfilment of all privatisation conditions.
Transcorp Power will no longer be subjected to post-privatisation monitoring and is the first privatised power generation company to achieve this milestone since the power sector privatisation commenced in 2013.
The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by Vice President Yemi Osinbajo, who is also Chairman of NCP, to Tony Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
The leading power generation company, located in Ughelli, Delta State, has an installed capacity of 972MW. One of the key targets set for Transcorp is a minimum available capacity of 670MW.
Commenting on 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. I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better.”
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Speaking further, the VP said, “This, being the first, should not be the last post-privatisation discharge event.”
Elumelu thanked the Federal Government for their trust and confidence in Transcorp. He stated: “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.”
He added, “At Transcorp Group, we do well and do good. We have grown together with our host communities, enriching lives, and improving the community.”
Speaking at the event, the Director General of the Bureau of Public Enterprises, 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 privatisation agreement in 2013.
He said, “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 phase 1, 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%.
