Osinbajo Commissions Transcorp’s Afam 240MW Power Turbines
Vice President, Prof. Yemi Osinbajo has inaugurated Transafam Power – a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State. This development brings the cumulative generating capacity of the plant to 1,000MW.
Afam’s Three Fast Power plant commissioning comes after the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on Privatization (NCP). The discharge certificate was presented in a ceremony held at the presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).
Speaking at the commissioning, Osibanjo lauded Elumelu and the Transcorp team saying, “Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain.”
Osinbajo highlights weakness in Nigeria’s privatisation process
Prof Osinbajo also said, “A major weakness of our privatisation process has been the inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power-Limited jointly referred to as Afam Genco”
Also speaking at the ceremony, Chairman of Transcorp Group, Tony O. Elumelu, “We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation. Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.”
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