Transcorp Power meets privatisation obligations, receives discharge certificate from FG

Transcorp Power Limited has been presented with a post-privatisation discharge certificate by the Federal Government of Nigeria.

This follows the fulfilment of all privatisation conditions and translated to the fact that Transcorp Power will no longer be subjected to post-privatisation monitoring.

The company subsequently becomes the first privatised power generation company to achieve this milestone since the power sector privatization commenced in 2013.

Transcorp Power Limited, located in Ughelli Delta State, with an installed capacity of 972MW, also got the target of producing a minimum available capacity of 670MW.

The discharge certificate was presented at the meeting of the National Council of Privatisation, by the Vice President of the Federal Republic of Nigeria and Chairman of NCP, Prof. Yemi Osinbajo, to Mr Tony Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.

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.”

Elumelu thanked the Federal Government for their trust and confident in Transcorp.

“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; and since we began operations in 2013, we have recorded zero incident till date”.

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 had met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.

He said. “Transcorp Power has increased the generation capacity of the plant by 227% from the operational status as at handover in 2013.”