Vice President Yemi Osinbajo yesterday inaugurated the Transafam Power – a subsidiary of Transnational Corporation (Transcorp) Plc’s 240 megawatts (MW) Afam Three Fast Power plant in Afam, Rivers State.
With an already existing power plant residing in Afam, this brings the combined generating capacity of the plant to 1,000MW.
The inauguration of Afam Three Fast Power plant followed the presentation of the Discharge Certificate to Transcorp Power Limited by Osinbajo, who is also the Chairman, National Council on Privatization (NCP), at the Presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).
Speaking during the inauguration, the Vice President, a professor of law, lauded the Chairman of the Transcorp Group, Tony Elumelu, and the entire Transcorp team for yet another power sector investment.
“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain,” he said.
Osinbajo continued: “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc, and Afam III Fast Power Limited jointly referred to as Afam Genco”
In his remark, the Minister of Power, Abubakar Aliyu, applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.
“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”
“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP),” Abubakar said.
Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods.
Importance of power
Also speaking, Transcorp Group Chairman, Tony Elumelu, said: “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny.
“Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.”
He added: “We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.
“We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of ‘Improving Lives and Transforming Africa’.”
Similarly, BPE’s Director-General, Alex Okoh, highlighted the importance of such projects in improving access to electricity in Nigeria. He said “Afam Three Fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid.
“This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”
Transafam Power is a subsidiary of the Transcorp Group, the core investor in Afam Genco, comprising Afam Power Plc and Afam Three Fast Power Limited. The Afam GenCo Power Plant is located at Okoloma Village, in Oyigbo LGA of Rivers State with a total installed capacity of 966MW.
