L-R: Minister of Power, Engr Abubakar Aliyu; President, Transcorp Plc, Dr Owen Omogiafo; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; Vice President, Professor Yemi Osinbajo; Director General, BPE, Mr. Alexander Okoh; and Managing Director, Transcorp Power Plc, Christopher Ezeafulukwe at the event
The Federal Government on Monday issued a discharge certificate to Transnational Corporation Plc to certify the fulfillment of all privatisation obligations and conditions on the 972 megawatts, MW, power plant in Ughelli, Delta State.
With the discharge certificate, Transcorp Power Limited will no longer be subjected to post-privatisation monitoring and is the first privatized power generation company to achieve the milestone since the power sector privatization commenced in 2013.
One of the key targets set for Transcorp by the Bureau of Public Enterprise, was a minimum available capacity of 670MW, whereas the company has increased the available capacity to 680.83MW within four years of takeover.
The discharge certificate was presented at the meeting of the National Council of Privatisation by Vice President, Prof. Yemi Osinbajo Professor Yemi Osinbajo, to the Group Chairman, Transnational Corporation Plc, Mr. Tony Elumelu, at the state house, Abuja.
Speaking, the Vice President Yemi Osinbajo, who is also the Chairman, National Council of Privatisation, commended Transcorp Group for the feat and urged the company to fly higher.
“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. This being the first, should not be the last post privatization discharge event,” the Vice President said; receiving the discharge certificate, the Chairman, Transcorp Group Plc, Mr. Tony O. Elumelu, applauded the Federal Government for their trust in Transcorp, and also added that the company has reduced unemployment in the country through job creation.
“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, since we began operations in 2013, we have recorded zero incident till date.
“At Transcorp Group, we do well and do good. We have grown together with our Host communities, enriching lives, and improving the community.”
Also speaking, the Director General, Bureau of Public Enterprises, Alex Okoh, lauded the Board and management of Transcorp for the milestones achieved in turning around the enterprise.
Okoh noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.
“Transcorp Power increased the generation capacity of the plant by 227percent from the operational status as at handover in 2013. The capital expenditure totaling N58.612billion was covenanted for phase I, phase II as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143percent.”
It should be noted that Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government in November 2013, with an available capacity of 160MW. Transcorp invested and increased the available capacity to 680.83MW within four years of takeover, surpassing the 5-year target of 670MW set by BPE.