Transcorp has completed the acquisition of Afam Power Plc and Afam Three Fast Power, in a mutually beneficial deal which would boost reforms in the country’s power sector.
Vice President Yemi Osinbajo Yemi, at the signing ceremony of the Share Sale and Purchase, in Abuja, today, said that under Transcorp’s ownership “the operational capacity of Afam Power Plc and Afam Three Fast Power Limited Plants would be raised to its full capacity, from its current capacity of 1000MW (combined) and 240MW (operational), thereby boosting power production tremendously.”
Recall that, In October 2019, the National Council on Privatisation approved Transcorp Power Consortium, Chaired by Tony Elumelu, as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about $343.6m).
This was one of the major decisions taken by the council, chaired by the Vice President and Chairman of Council, Prof. Yemi Osinbajo, at the 2nd Meeting of the NCP for 2019 on October 14, 2019.
As the sale is complete, Transcorp is to pay 25 per cent of the N105 billion, after 15 days, before paying the remaining 75 percent.
