Business

Transcorp’s Afam To Deliver 1,000MW To National Grid

l-r: Vice President, Yemi Osinbajo; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; President/GCEO, Transnational Corporation Plc, Dr(Mrs) Owen Omogiafo; and, Director General, Bureau of Public Enterprises(BPE), Alexander Okoh, during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State on Tuesday

Published

3 years ago

May 11, 2023

Charles Flames

360 Views

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.”

Business

Data Centers Attract $270bn Investments in 2025 — Unctad

France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.

Published

21 hours ago

January 23, 2026

OCHEFA

27 Views

Image credit : Unctad

UN Trade and Development has reported that out of $1.6 trillion global foreign direct investment (FDI) in 2025, data centres attracted more than one fifth of global greenfield projects, with announced investment exceeding $270 billion.

In the report published this week on its website, Unctad, said that the demand for data centers investment was driven by AI infrastructure and digital networks.

The report reads:

” France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.

Similarly, the value of newly announced semiconductor projects rose by 35%.

By contrast, project numbers fell sharply by 25% in tariff-exposed, global value chain-intensive sectors.

Textiles, electronics and machinery were particularly affected.

While investment in technology-driven, capital-intensive projects lifts overall FDI figures, flows remain highly concentrated and generate limited spillovers.

Policies should aim to link digital infrastructure investment more closely to skills development, innovation systems and local value creation.

Business

Tony Elumelu Becomes Seplat Energy’s Non-Executive Director

Published

23 hours ago

January 23, 2026

Charles Flames

28 Views

Seplat Energy Plc has appointed Tony O. Elumelu, the renowned Nigerian businessman and chairman of Heirs Holdings and United Bank for Africa (UBA), as a Non-Executive Director on its board with effect from January 22, 2026.

The appointment comes shortly after Elumelu’s investment entities, Heirs Holdings Limited and Heirs Energies Limited, acquired a 20.07% stake in Seplat Energy from French oil company Maurel & Prom (M&P) in a December 2025 transaction valued at approximately $500 million.

The deal positioned Heirs as the company’s largest single shareholder.In a related board change, Seplat announced the resignation of Mr. Olivier Cleret De Langavant, who had represented M&P as a Non-Executive Director since January 2020.

Both the appointment and resignation were disclosed in a filing to the Nigerian Exchange Limited.

Elumelu brings deep expertise in energy, banking, power generation, and pan-African investments.

His entry to the board is widely seen as a strategic move to support Seplat’s long-term growth ambitions and further strengthen indigenous participation in Nigeria’s upstream oil and gas industry.

The leadership transition underscores Seplat Energy’s evolving ownership structure and its continued focus on operational excellence and value creation in Africa’s energy sector.

Business

EFCC Directs Moniepoint to Tighten Regulatory Compliance and Strengthen KYC Processes

Published

23 hours ago

January 23, 2026

Charles Flames

30 Views

The Economic and Financial Crimes Commission (EFCC) has called on Moniepoint, a prominent Nigerian fintech platform, to improve its regulatory compliance standards and reinforce its Know Your Customer (KYC) procedures.

EFCC Chairman Ola Olukoyede made the appeal during a recent meeting with Moniepoint’s leadership team. He highlighted the vital role that strong KYC processes play in detecting and preventing fraud, money laundering, and other illicit financial activities, while protecting the overall integrity of the financial system.

The chairman reportedly stressed that full adherence to existing regulations is mandatory for all fintech operators. He encouraged Moniepoint to exceed the baseline requirements set by the Central Bank of Nigeria (CBN) by putting in place more rigorous internal controls and enhanced due diligence measures to ensure only legitimate customers access its services.

This directive is part of wider regulatory attention on Nigeria’s fintech industry. It follows previous enforcement actions, including the CBN’s imposition of ₦1 billion fines on Moniepoint and several other digital payment providers in 2024 for identified compliance gaps.

Those incidents also led to temporary restrictions on new customer onboarding for some platforms.

In response, Moniepoint has stated its commitment to further strengthening internal controls and upholding the highest standards of compliance in order to deliver secure and transparent financial services to its users.

The EFCC’s position reflects the Nigerian authorities’ continued efforts to tighten supervision of digital financial platforms amid growing concerns over financial crime and illicit flows in the sector.