Transcorp Power Receives a Discharge Certificate from Osinbajo.

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According to Vice President Yemi Osinbajo, meeting Nigeria’s growing energy needs would require “serious” private sector investment in the country’s power industry.

The company was discharged one month after the National Council on Privatization approved the Bureau of Public Enterprise’s recommendations that Ughelli Power Plc be removed from routine monitoring due to its compliance with five key post-acquisition requirements, including: available capacity, capital expenditure, human resources, health, safety, and the environment, as well as corporate social responsibility.

The Ughelli Power Plant, which had been put into service in 1966 with an installed capacity of 972 MW but was now only capable of 300 MW,  became an asset of Transnational Corporation of Nigeria Plc in 2013 under the company’s power subsidiary, Transcorp Ughelli Power Limited. Yemi Osinbajo commended the management of Transcorp Power, urging the company to “continue in that path and to do even better.

Punch.

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