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Transcorp Power Consortium pays N26.25bn for Afam Power Plc

Transcorp Power Consortium yesterday paid an equivalent of N26.25 billion, being 25 per cent of the N105.3billion winning price, for Afam Power Plc to formally takeover the assets of the company. The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, confirmed the payment in a statement issued by BPE yesterday.

He said the consortium paid cash into the Federal Government’s account with the requirements of the Request for Proposal (RfP) and approvagranted by the National Council on Privatisation (NCP). Okoh said: “The emphasis on cash payment is to correct some misinformation in the media purporting 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 subcommittees. However, with the payment of the money by Transcorp to the treasury, we hope this unfounded and concocted information being fed to the public would stop.”

He noted that the formal handover of Afam Power Plc and Afam Three Fast Power Limited to Transcorp Power Consortium marked a significant milestone in the process of the privatisation of the last successor generation company of the defunct Power Holding Company of Nigeria (PHCN). Okoh said: “It is a culmination of several years of painstaking efforts by the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) in the face of daunting challenges.”

Recalling the need for the Electric Power Sector Reform, the DG said it was conceived with the objective of enhancing industrial and economic growth and development through the creation of a competitive electricity market.

He added: “It commenced in 1999 with the inauguration of the Electric Power Sector Reform Implementation Committee (EPIC), which culminated in the enactment of the Electricity Power Sector Reform Act (EPSRA) 2005. “The ESPRA 2005 repealed the National Electric Power Authority (NEPA) Act and created the Power Holding Company of Nigeria (PHCN) from which 18 successor companies were unbundled along functional lines, namely, Generation (six companies); Transmission (one company); and Distribution (11 companies).”

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