Transnational Corporation Plc (Transcorp Group) is working hard to reduce Nigeria’s power deficit  with the injection of 1,000 megawatts to the national grid through its subsidiaries – Afam Power Plc and Afam Three Fast Power Limited.

The Chairman of Transcorp Group, Mr. Tony O. Elumelu, disclosed this when Vice President Yemi Osinbajo Commissioned  Transcorp’s Afam 240MW Three Fast Power Turbines in Afam, Rivers State.

“We all know the importance of power in Nigeria.  We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny,” said Elumelu.

He said that Transcorp Group is a key player in the power sector;  we recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

” With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW,” he said .

VP,  Osinbajo
At the event, the Vice President lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector investment.

“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain,” said the  Vice President.
Prof. Osinbajo,  said: “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco.”
Minister of Power.
In his remark, The Minister of Power, Engr. Abubakar Aliyu applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.

“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”

“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.

DG, BPE
The Director – General of the Bureau for Public Enterprises, Alex Okoh, highlighted the importance of projects such as these in improving access to electricity in Nigeria.

He said “Afam Three fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid.

This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”