Tony Elumelu and Transcorp group made history as Transcorp Power became the first privatized power generation company in Nigeria.
This was made known on the company’s Twitter handle @transcorp group where they announced the news.
The letter of “Discharge Certificate” was presented to the company by the Vice President, Prof. Yemi Osinbajo in his capacity as chair of National Council on privatization.
Transcorp acquired Ugeli Power from the federal government in 2013 and is now the first privatized power Genco to be released from post-privatization monitoring having fulfilled all privatization obligations.
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The plant had a generating capacity of 160 MW before the acquisition but has now increased its generation capacity to 680 MW(227%) thereby surpassing the target of 670MW set by the Bureau of Public Enterprises.
Taking to Twitter to celebrate this fate, the company tweeted, “Transcorp Group’s investment in power is implementing our philosophy of Africapitalism. We believe that access to electricity for all is a critical catalyst to developing Nigeria and indeed, transforming Africa. Today, Transcorp contributes 16% of electricity to the National Grid, powering homes, hospitals, and schools and enabling industrialization.” –
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