Elumelu Receives Transcorp’s Discharge Certificate

The Chairman of Transcorp Ughelli Power Limited, Tony Elumelu has received a discharge certificate from Vice President Yemi Osinbajo, in Abuja today. During the presentation, Osinbajo stated that it would take serious private sector investment in Nigeria’s power sector to meet the country’s rising energy needs.

Speaking at the State House, Abuja, Osinbajo said, “The power needs of our country are grave. And we strongly believe that the right approach is the privatisation of the power sector to enable serious-minded private sector players to invest in the provision of public power and ensure that they are efficient while they make a profit at the same time.”

He charged other private sector players to follow suit, saying, “We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post-evaluation plans.” Transcorp Ughelli Power Limited is a core investor in the Ughelli Power Plant, which was commissioned in 1966 with an installed capacity of 972MW. 

The discharge certificate comes a month after the National Council on Privatisation (NCP) approved the recommendations of the Bureau of Public Enterprise that Ughelli Power Plc be delisted from routine monitoring. The NCP’s approval follows the company’s satisfaction of five core post-acquisition requirements, namely: available capacity, capital expenditure, human resources, health, safety and environment and corporate social responsibility.

Elumelu reveals Transcorp’s indigenisation plan

In reaction, Elumelu said, “Mr Vice President, let me also say that in addition to the criteria set, we actually are doing a very strong indigenisation of Transcorp Power Plc. I’m proud to say that our power plant is managed and operated 100 per cent by Nigerians.”

Explaining the importance of electricity, the Nigerian Entrepreneur said, “We at Transcorp Group recognise the importance of improved access to electricity. We know that with improved access to electricity, people can go to school, hospitals can function well, businesses can operate very well and most importantly can empower the industrialisation of our country. This is why we invested in power and continue to invest in the power sector because we know it holds the key largely to the success of our country.”