Connect with us

Business

Transcorp Ughelli Power Plant To Generate 900MW Of Electricity

Published

5 years ago

on

Group Chairman, Transcorp Consortium, Mr Tony Elumelu. says Transcorp Ughelli Power Plant in Delta State will soon begin to generate 900 Mega Watts (MW) of electricity.
Elumelu made this known yesterday in Abuja at the formal handover of the Afam Power Plc and Afam Three Fast Power Ltd. to Transcorp Power Consortium by the Director-General, Bureau of Public Enterprises (BPE), Mr Alex Okoh.
Elumelu noted that when the company took over, the Ughelli Power Plant output was about 150MW and in just over a year it moved to 600MW.
He said that investment in electricity was very important and assured that in a short time, the output from Afam power plant would be increased as was done at Ughelli.
“We just want to make sure that in a short period of time, we are able to ramp up the output from the plant. We have done it before at Ughelli and we will do it again.
“I commend the state government for making sure the asset is kept in good state and we are going to work as partners with the state government, the community and the Federal Government.
“This is so that we can make sure that we realise access to electricity and improvement that this country needs for us to create jobs and fight poverty.
“This is the only way we can develop Nigeria,” he said.
Responding, the BPE Director-General said that in line with the requirements of the request for proposal and approval granted by the National Council on Privatisation (NCP), Transcorp paid 25 per cent cash of the bid amount yesterday.
He said this was a condition precedent to the current activity of handing over.
“I must add that my emphasis on cash payment is to correct some misinformation in the media that purported that the Afam deal is a mere reconciliation of figures between the Federal Government and Transcorp.
“For the benefit of those who wish to know, this idea was never accepted by both the NCP and its several sub-committees.
“However, with the payment of the money by Transcorp to the treasury today (Thursday), we hope this unfounded and concocted information being fed to the public would stop,” he stated.
Okoh said that sequel to the previous failed attempt to privatise Afam Power Plc and the approval granted by NCP for the recommencement of a new process, the BPE started a free, fair and transparent competitive process of the privatisation of Afam Power Plc and Afam Three Fast Power Ltd.
This, according to him, culminated in Transcorp Power Consortium emerging as the preferred bidder with a combined offer of N105.3 billion.
He said that after a series of negotiations that were impacted by the COVID-19 pandemic, the Federal Government through BPE signed the Share Sale Purchase Agreement (SSPA) with Transcorp Power Consortium on November 5.
Okoh added that the privatisation of the sector was a key component of the reform and was one of the pre-conditions for the start-up of a competitive electricity market in Nigeria.
“It is also a sensible avenue to reduce dependence on the treasury for support to an otherwise economically viable power sector and channel government resources to other ventures,” he said.
He, however, urged Transcorp Consortium to use its proven capacity and pedigree as demonstrated with Transcorp Ughelli Power Plant and Transcorp Hotel, Abuja, to transform Afam Power into an exemplary utility company of reference.

Related Topics:
Continue Reading

Business

NPA Assures On Staff Welfare 

Published

2 weeks ago

on

June 27, 2025

By

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

2 weeks ago

on

June 27, 2025

By

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

2 weeks ago

on

June 27, 2025

By

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending