The proposed agreement between the Transcorp Plc and Federal Government was yesterday effected. The agreement which constitute the sale of the Afam Power Plant to Transcorp Plc, was signed by the representatives of both parties. The chief executive officer of Transcorp Plc, Chief Tony Elumelu signed on behalf of Transcorp Plc while Vice President Yemi Osinbaji signed on behalf of the Federal Government alongside the Director General of Bureau of Public Enterprise, Mr Alex Okoh.
Transcorp Plc, whose major goal is to provide 25% Nigeria’ electricity stated in a post hat they have acquired the Afam Power Plant, which is a natural-gas electricity generating company based in Rivers State with an installed capacity of 966MW.
Transcorp Plc thus expressed hope that the Afam Power Plant will be raised to it’s operational capacity under the ownership of Transcorp Plc. They however acknowledged the return of power in the country to the private sector as an achievement.
According to Transcorp Plc, the transfer of ownership of the electricity generating firm to Transcorp Plc, will increase their effectiveness in the power sector and increase their installed generating capacity from 972 MW to 1936 MW.
The vice president, Professor Yemi Osinbajo, however expressed his confidence in Transcorp Plc, in the sense that they usually turn around public utilities, which makes them valuable contributors to the economy.
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