Osinbajo Presents Discharge Certificate to Transcorp

Olufemi Adeyemi 

Vice President Yemi Osinbajo has handed over the discharge certificate to Chairman of Transcorp Power Limited, the core investor in the Ughelli Power Plant, Mr Tony Elumelu, declaring that only private sector investment in the sector would ensure steady supply as well as meet the demand of energy needs of Nigerians.

L-R Minister of Power, Abubakar Aliyu, President/GCEO of Transnational Corporation of Nigeria Plc, Owen Omogiafo, Chairman Transcrop Power Plc, Tony Elumelu, Vice President, Yemi Osinbajo, Director General of the Bureau of Public Enterprises, Alex Okoh and Ramon Nasir at the presentation of the Discharge Certificate to Transcorp Power Ltd on their acquisition of Ughelli Power Plant at the Statehouse

The Bureau of Public Enterprises has officially presented a discharge certificate to Transcorp Power Plc, delisting it from routine evaluation and monitoring exercises.

This means Transcorp Power Plc has fulfilled all the deliverables, satisfying the requirements of the post-acquisition plan (PAP) compliance.

Presenting the certificate to Tony Elumelu, the chair of Transnational Corporation Plc, Vice President Yemi Osinbajo commended the BPE for monitoring the power company and ensuring compliance with all deliverables under the Post Acquisition Plan (PAP).

Speaking at the event in Abuja on Monday, the Vice President explained that the routine evaluation and monitoring of the BPE is an essential feature of the post-acquisition plan, as it includes covenants and deliverables which the enterprise is expected to live up to. However, he acknowledged that many public institutions such as the BPE rarely get the opportunity to conduct energy-related matters successfully.

“The power needs of our country are grave, and we strongly believe that the right approach is the privatization 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 said.

Nigeria, with an estimated population of about 200 million people, has been grappling with inadequate power supply for decades, hindering economic growth and development. The country’s power infrastructure is inadequate, resulting in frequent power outages.

To address the issue, Nigeria’s power sector was privatized in 2013, with the aim of improving efficiency and attracting more private sector investment. But the privatization process was plagued with challenges such as inadequate funding, poor infrastructure, and policy inconsistencies.

Transcorp Power PLC, led by Mr Elumelu, is one of the power companies that emerged from the privatization process having complied with all of the deliverables outlined in the post-acquisition plan.

On Monday, Mr Osinbajo urged other private power companies to follow in the footsteps of Transcorp Power PLC and continue to invest in the power sector to meet the country’s power needs.

On his part, Mr Elumelu expressed gratitude to the Vice President and the federal government for their trust and confidence in the company.

He pledged to continue investing in the power sector, as he believes it holds the key to the success of Nigeria.

Mr Elumelu also highlighted Transcorp Power PLC’s strong focus on indigenization, safety, and sustainability, as well as its contributions to the community through functional hospitals, schools, and job creation.

“We at Transcorp Group recognize 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 industrialization of our country.

“This is why we invested in power and why we continue to invest in the power sector because we know it holds the key largely to the success of our country.

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

He emphasised the company’s commitment to high safety standards and sustainability in its operations.

“I am also proud to say that safety standards are extremely high, we have operated since 2013 with no incident and we hope and pray that it will be sustained because we know the importance of safety and sustainability in today’s world,” he said.

May 08, 2023