Tony Elumelu's Transcorp Power Becomes First Privatised Genco to Fulfill Privatisation Obligations
- Tony Elumelu's Transcorp Power Plc has received a discharge certificate from the Federal Government of Nigeria
- With this certificate, the company becomes the first privatised power generation company to fulfill privatisation obligations
- Nigeria's vice president who presented the certificate stated that this is a major boost to Nigeria's power sector
Tony Elumelu's Transcorp Power Plc, the major investor of Ughelli Power Plant, has been issued a discharge certificate by the Federal Government of Nigeria.
The discharge certificate was presented on behalf of the federal government by Vice President Yemi Osinbajo to Tony Elumelu, the chairman of Transcorp Power Plc.
Source: Instagram
The delisting follows the approval of the National Council on Privatisation (NPC) and the recommendations of the Bureau of Public Enterprises (BPE) after Ughelli Power Plc. had met key post-acquisition requirements.
According to the report, the key post-acquisition requirements include capital expenditure, health, safety and environment, human resources, available capacity, and corporate social responsibility.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
Taking to his official Instagram page to announce the news, Elumelu wrote:
Transcorp made History today! It became the first privatized power generation company in Nigeria to fulfil all privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria since the 2013 privatisation of the power sector in Nigeria.
A milestone in Nigeria's power sector
The presentation of the discharge certificate is a significant milestone for Transcorp Power Plc and the Nigerian power sector as a whole.
With the new development, Transcorp Power officially becomes the first privatized power generation company to achieve this milestone and will no longer be subjected to post-privatisation monitoring.
Transcorp Power's achievement in fulfilling its privatisation obligations is a significant milestone for Nigeria's power sector.
The presentation of the discharge certificate to Transcorp Power Plc is a significant achievement and a testament to the company's commitment to providing reliable and sustainable electricity to Nigerians.
It is also a demonstration of the federal government's efforts to promote private sector participation in Nigeria's power sector.
Transcorp Power Plant
Ughelli Power Plant was commissioned in 1966 with a capacity of 972MW which later dropped to 160MW. On November 1, 2013, under the company’s power subsidiary, Transcorp Ughelli Power Limited, it became an asset of Transnational Corporation of Nigeria Plc.
Within 4 years of acquisition, Ughelli Power Plant had increased capacity to 680.83MW, courtesy of Transcorp investment. This marked a 227% increase in capacity surpassing the 5-year target of 670MW set by the BPE.
Following the company's deliberate indigenisation plan, the power plant is managed and operated 100 percent by Nigerians.
Tony Elumelu Changes Name of Company, Makes New Appointments
Tony Elumelu's Heirs Holdings has made new appointments to two subsidiaries, Heirs Insurance Limited and Heirs Life Assurance.
Legit.ng reported that the company announced the appointment of two individuals to senior leadership positions and unveiled an official name change from Heirs Insurance Limited to Heirs General Insurance Limited.
According to the company, Wole Fayemi will assume the position of Managing Director and Chief Executive Officer of Heirs General Insurance immediately from Tuesday, May 2, 2022.
Another appointment is that of Tosin Bayo-Yusuf, who has been promoted to Executive Director and Chief Operating Officer of Heirs Life Assurance as approved by the Board of Directors.
Bayo-Yusuf's appointment comes on the backdrop of the departure of the former Executive Director, Wasiu Amao, who retired after many years of service.
Source: Legit.ng
