Transcorp Consortium has announced that its 100 percent acquisition of the 966MW capacity Afam Power Plc and Afam Three Fast Power Limited, popularly known as "Afam GenCo" at N105.3 billion. The announcement was made known during the signing ceremony between the Federal Government, represented by Vice President Prof. Yemi Osinbajo, and Transcorp Consortium, represented by Chairman of Transcorp Corporation of Nigeria, Tony Elumelu, at the State House, Abuja. Speaking on the acquisition, the vice president said,
"Today marks a milestone for the country with a return to private sector investment in the power sector. This investment by Transcorp in acquiring 'Afam Power Plc' and 'Afam Three Fast Power' is the first of many new investments planned in the sector across the value chain. We expect that under Transcorp's ownership the operational capacity of the facility will be raised to its full capacity."
"We have seen the progress that Transcorp has made with the Ughelli Power Plant in raising the operational capacity significantly, since it acquired the plant in 2013, and we expect nothing less from the Afam acquisitions. We have no doubt that the addition of Transcorp to the Afam community, will come with the forward thinking Corporate Social Responsibility initiatives that Tony and his team are known for. This transaction is a confirmation of the reform trajectory the Administration is leading in the power sector," Osinbajo added.
Commenting on the development, Elumelu commended the government for making the acquisition possible, saying "Bringing affordable, dependable power to the Nigerian people is core to Transcorp's mission. Our significant investments in the power sector are demonstrations of our contribution to the economic transformation that I know Nigeria is capable of.
"Power remains the single most critical factor for lifting our people out of poverty and job creation for our teaming youth. The acquisition marks a significant milestone for Transcorp in the pursuit of its corporate purpose of improving lives and transforming Nigeria. I am honoured to be working with the Federal Government and urge it to continue its policy of creating an enabling environment, that sustains the confidence of both local and foreign investors - and delivers the opportunities and aspirations that all Nigerians seek".
(PremiumTimes)
