The Bureau of Public Enterprises (BPE), yesterday, presented a discharge certificate Transnational Corporation (Transcorp) Plc following the completion of its acquisition of Ughelli Power Plant in Delta State.
By this certification, Transcorp Power becomes the first privatized power generation company to fulfil all obligations since the sector privatization in 2013, and is therefore delisted from BPE’s routine evaluation and monitoring exercises.
The presentation of the certificate was done at the meeting of the National Council on Privatisation (NCP), presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
Presenting the certificate to the Transcorp Chairman, Tony Elumelu, Osinbajo commended the BPE for monitoring the power company and ensuring compliance with all requirements under the Post Acquisition Plan (PAP).
Osinbajo noted that BPE’s routine evaluation and monitoring is an essential feature of the post-acquisition plan, as it includes covenants and deliverables which the enterprise is expected to live up to.”
He continued: “And we have also heard today that the Transcorp Power is able to deliver efficiently and it is able to do so even way beyond the expectations. So, we urge the organisation to continue in that path and to do even better.
“The power needs of our country are grave; and we strongly believe that the right approach is the privatisation 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 profit at the same time.
“We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post evaluation plans.”
Earlier, BPE Director-General, Alex Okoh, said the discharge certificate was in recognition of the achievement of the performance targets stipulated in the PAP, entered into by Transcorp and the Federal Government represented by BPE upon the privatisation of the power plant in 2013.
“Today’s event is in fulfilment of the Bureau’s promise made to privatised enterprises who fully implement the agreed key performance benchmark contained in the post-acquisition plan and the performance agreement,” he added.
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.
Investment in power
Elumelu on his part, expressed gratitude to the Vice President and the federal government for their trust and confidence in Transcorp Power, and promised not to disappoint Nigerians.
He said: “We at Transcorp Group recognise 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 industrialisation 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.”
He added that Transcorp has a strong focus on indigenization as the company is 100% managed by Nigerians as well as on safety, and sustainability via contributions to the community.
“We have functional hospitals, schools – primary and secondary schools, and we do engage a lot with the community and have helped to create jobs for our people.
“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.”
