In a remarkable development, Transcorp Power Plc has been delisted from the routine evaluation and monitoring of the Bureau of Public Enterprises (BPE), marking a significant achievement for the company.
Vice President Yemi Osinbajo, alongside members of the National Council on Privatization (NCP), chairman, and members of the Transcorp Power team, gathered to celebrate the momentous occasion.
Speaking at the event which held at the presidential villa, Abuja, Vice President Osinbajo, expressed delight at the successful conclusion of the power sector matter and highlighted the rarity of witnessing such a seamless process in the public sector.
He commended the BPE for its diligent monitoring and objective decision-making, acknowledging the importance of the routine evaluation and monitoring framework.
The vice president further applauded the management of Transcorp Power Plc, led by Tony Elumelu, for their exceptional performance in meeting and even surpassing the agreed-upon covenants and deliverables outlined in the Post Acquisition Plan (PAP).
He urged the company to continue its commitment to excellence and encouraged other private power companies to follow suit.
“The power needs of our country are grave, and we strongly believe that the privatisation of the power sector is the right approach,” Osinbajo said.
He expressed confidence in serious-minded private sector players, like Transcorp Power, investing in the provision of public power while maintaining efficiency and profitability.
Osinbajo also extended his congratulations to Tony Elumelu and his dedicated team at Transcorp Power Plc for their outstanding performance.
In his response, Elumelu expressed his appreciation to the federal government for the trust and confidence placed in Transcorp Power Plc.
He reiterated his company’s commitment to improving access to electricity in Nigeria and highlighted the importance of the power sector in driving the country’s economic growth.
Elumelu also pointed out that Transcorp Power Plc was committed to indigenisation, with the power plant being managed and operated 100 per cent by Nigerians.
He further stated that safety standards were extremely high, with no incident recorded since 2013.
Elumelu thanked the federal government for its support and pledged to do more in the power sector.
He also highlighted Transcorp Power Plc’s contribution to the local community, including the creation of jobs and investment in healthcare and education.
The successful delisting of Transcorp Power Plc from BPE’s routine evaluation and monitoring signifies the company’s ability to deliver power efficiently and exceed expectations.
This achievement reflects the broader objective of privatisation to attract capable private entities that can contribute significantly to Nigeria’s power sector.
This milestone serves as a beacon of progress for Nigeria’s power sector, showcasing the potential of private investment to drive efficiency, profitability, and ultimately, improved access to electricity for the Nigerian population.
The hope remains that more private power companies will step forward and undertake similar transformations, thereby contributing to the nation’s power supply and meeting the expectations set forth in their respective post evaluation plans.