Yemi Osinbajo, vice president, evaluated the nation’s present power situation on Monday and came to the conclusion that strong private sector participation is the only workable solution to Nigeria’s catastrophic power problem.
At the same time, Transcorp Power Plc was delisted from the Bureau of Public Enterprises (BPE) routine evaluation and monitoring, which was a significant accomplishment for the business.
Delisting signifies that Transcorp Power Plc has completed the requirements of the Post-Acquisition Plan (PAP) by the BPE and is no longer subject to post-privatization monitoring. The ceremony took held at the vice-president’s office at State House, Abuja.
Speaking at the event, Osinbajo noted that while he was pleased with Transcorp Plc’s accomplishment, “the power needs of our country are grave and we strongly believe that the right approach is the privatization 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.”
Yemi Osinbajo emphasized how unusual it was to see such a smooth procedure in the public sector and complimented the BPE for its meticulous monitoring and unbiased decision-making, recognizing the significance of the regular review and monitoring framework.
Additionally, the vice president commended Tony Elumelu’s management of Transcorp Power PLC for their outstanding performance in fulfilling and even exceeding the covenants and deliverables established in the Post Acquisition Plan (PAP).
Yemi Osinbajo urged the business to uphold its dedication to excellence and exhorted other private power firms to do the same.
He stated, “We hope that this won’t be the final instance of private power firms acquiring power facilities that can’t live up to the standards of the post-review plans. Once again, thank you, and congrats to Mr. Tony Elumelu and his group.
According to the DG BPE, “The routine evaluation and monitoring is an important component of the post-acquisition plan by the BPE and it has covenants and deliverables, which the enterprise is supposed to live up to. In this case, we found that Transcorp Power PLC has done exactly that. They have been successful in ensuring adherence to every deliverable and, in some cases, even exceeding the deliverables that were covenanted in the PAP.
“So this is a chance to commend the Transcorp Power PLC management, led by Tony Elumelu and the Transcorp Power team, as well as the BPE for doing an excellent job of monitoring and being able to come up with an objective means of deciding that we are able to delist Transcorp Power Plc. today,” said the BPE.
Elumelu, Chairman of the Transcorp Group, thanked the federal government for its faith in Transcorp Power Plc in his response.
He reaffirmed his company’s dedication to expanding Nigerians’ access to electricity and emphasized the role the power sector plays in the nation’s economic development.
Elumelu also emphasized Transcorp Power Plc’s dedication to indigenization, noting that only Nigerians manage and run the power plant.
He claimed that safety standards were very good and that no incidents had occurred since 2013.
In his own words: “At Transcorp Group, we understand the value of expanded access to electricity. We are aware that with better access to electricity, people will be able to attend school, hospitals will function properly, businesses will run smoothly, and most crucially, our nation’s industrialization will be empowered.
We realize that the power sector is a major factor in our nation’s success, which is why we invested in it and why we continue to do so.
“Mr. Vice-President, let me also say that, in addition to the established requirements, Transcorp Power Plc is actually undergoing very robust indigenization. I’m pleased to announce that only Nigerians manage and run our power plant.
The certificate of discharge was given to Transcorp Power Limited in recognition of meeting the performance goals outlined in the performance agreement that the company and the federal government, represented by the BPE, entered into when the power plant was privatized in 2013. Earlier in his speech, the Director-General of BPE, Alex Okoh, explained this.
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“Today’s action satisfies the Bureau’s commitment to the privatized enterprises that fully implement the agreed-upon key performance benchmarks set forth in the post-acquisition plan and the performance agreement,” he declared.
“The National Council on Privatization at its meeting on April 4, 2023, considered and approved the recommendations of the Bureau and its requests that the company, Ughelli Power PLC, be approved for delisting from routine monitoring. The company has exceeded the minimum performance targets and has fulfilled all the agreements.
“On behalf of the National Council on Privatization, the Bureau wishes to congratulate the board and management of Transcorp Power for the milestones achieved in turning around the operations of the power generation enterprise, and we look forward to a sustained collaboration in improving the outcomes in the power sector.”