ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, March 8, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Transcorp Afam 8: Driving Increased Access to Electricity: l-r: Managing Director/CEO, Transcorp Power Limited, Mr Christopher Ezeafulukwe; President/CEO, Transcorp Plc, Mrs Owen Omogiafo; Chairman, Transcorp Plc, Mr. Tony Elumelu; Vice President, Professor Yemi Osinbajo; Minister of Power, Mamman Saleh; and Director General Bureau of Public Enterprise(BPE) , Mr. Alex Okoh, at the signing ceremony of the sale of FGN’s 100% equity in Afam Power Plc/Afam Three Fast Power Limited to Transcorp Consortium in Abuja on Thursday.

Transcorp Afam 8: Driving Increased Access to Electricity: l-r: Managing Director/CEO, Transcorp Power Limited, Mr Christopher Ezeafulukwe; President/CEO, Transcorp Plc, Mrs Owen Omogiafo; Chairman, Transcorp Plc, Mr. Tony Elumelu; Vice President, Professor Yemi Osinbajo; Minister of Power, Mamman Saleh; and Director General Bureau of Public Enterprise(BPE) , Mr. Alex Okoh, at the signing ceremony of the sale of FGN’s 100% equity in Afam Power Plc/Afam Three Fast Power Limited to Transcorp Consortium in Abuja on Thursday.

Transcorp acquires 1,000MW Afam Power Plant

The deal is to deliver significantly increased access to electricity in Nigeria.

byPress Release
November 6, 2020
2 min read

RelatedNews

COVID-19: How I am feeling after vaccination – – Buhari

Buhari urges Nigerians to take COVID-19 vaccine

Buhari urges Nigerians to get COVID-19 vaccination after receiving jab

UPDATED: Buhari, Osinbajo receive COVID-19 vaccines

ADVERTISEMENT

Transcorp Consortium is pleased to announce the 100 per cent acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as “Afam GenCo”), at an acquisition cost of N105.3 billion.

The announcement was made at the State House, Abuja, on Thursday, November 5, 2020, during the signing ceremony between the federal government, represented by His Excellency, the Vice President of Nigeria, Yemi Osinbajo, and Transcorp Consortium represented by the Chairman of Transnational Corporation of Nigeria Plc (Transcorp), Tony Elumelu.

The Vice President, Mr Osinbajo, 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.”

The Vice President further stated “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.”

Speaking on Transcorp’s track record, the Director-General of the BPE, Alex Okoh, said “Transcorp Consortium is one of the success stories of Nigeria’s Privatisation Programme. Through its investments in Transcorp Hotels Plc and Transcorp Ughelli Power Limited, the consortium has consistently achieved its performance targets as contained in the respective post-acquisition plans.”

The Chairman of Transcorp, Tony Elumelu, commended the federal government for the role it played in making the acquisition a reality. “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”.

Afam Power is a 1,000MW capacity power plant.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Ladoja’s impeachment not linked to my ‘non-existent third term bid’ – Obasanjo

Next Post

Governor intervenes after Abia University asks students to pay N15,000 ‘pandemic prevention fee’

Press Release

Press Release

More News

Oil Barrels used to illustrate the story. [Photo credit: ThePointNG]

Oil prices jump above $70 after Saudi attack

March 8, 2021
Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN says new scheme will ease diaspora remittances

March 7, 2021
Nigeria Stock Exchange trading floor

NSE Weekly: Stock market slips by N245bn as fixed-income yields lure investors away

March 6, 2021
Naira and Dollars

“Send a dollar, get five naira free”: CBN launches forex promo

March 6, 2021
ACompleted phase 1 housing units at Earthpoint and Modern Shelter estate

SPECIAL REPORT: Years after paying millions to developers, Abuja residents stranded without homes

March 6, 2021
Nigerian stocks

Nigerian equities extend slide on profit-taking in leading stocks

March 5, 2021
Next Post
Abia State University

Governor intervenes after Abia University asks students to pay N15,000 'pandemic prevention fee'

Ovie Omo-Agege

Omo-Agege condemns alleged diversion of 13% derivation funds by oil-producing states

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,630,178 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
    • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.