Transcorp Power Pays N26.25bn Part Payment For Afam Power Purchase

November 28, 2020
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BY MARK ITSIBOR  |

Transcorp Power Consortium has paid an equivalent of N26.25billion being 25 per cent of the N105.3bn winning price for the Afam Power Plc to formally takeover the assets of the company.

Announcing the payment at the formal handover of the company to the new owners on Thursday, November 27, 2020, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh said the Consortium paid cash into the Federal Government account   with the requirements of the Request for Proposal (RfP) and approval granted by the National Council on Privatisation (NCP).

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Okoh said the “emphasis on cash payment is to correct some misinformation in the media purporting that the Afam deal is a mere reconciliation of figures between the Federal Government and Transcorp.

“For the benefit of those who wish to know, this idea was never accepted by both the NCP and its several sub-committees. However, with the payment of the money by Transcorp to the treasury, we hope this unfounded and concocted information being fed to the public would stop,” he said.

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He noted that the  formal handover of Afam Power Plc and Afam Three Fast Power Limited to Transcorp Power Consortium marked a significant milestone in the process of the privatisation of the last successor generation company of the defunct Power Holding Company of Nigeria (PHCN), adding that “it is a culmination of several years of painstaking efforts by the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) in the face of daunting challenges”.

Recalling the need for the   Power Sector Reform, the Director General said it  was conceived  with the objective of enhancing industrial and economic growth and development through the creation of a competitive electricity market.

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Chairman of Transcorp  Group, Mr. Tony Elumelu, in his remarks, said access to electricity was key to economic growth of every nation  and that Transcorp Power will  justify the confidence reposed in it.

He promised to carry along the host community and the entire Rivers State in operations of the company.

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