The National Council on Privatisation approved Transcorp Consortium as the Preferred Bidder for the 100% acquisition of Afam GENCO (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn.
Afam GENCO has a total installed capacity of 966 megawatts generated from a natural gas-powered plant in Rivers State. With this new acquisition, our combined installed generation capacity will go up to almost 2,000 megawatts in line with our short and medium-term strategy objectives. The next steps will be vital in consummating the deal, as we negotiate the terms of the transaction with the Bureau of Public Enterprise (BPE).
Speaking at the Bids Opening Ceremony, Valentine Ozigbo, President and CEO of Transnational Corporation of Nigeria (Transcorp) thanked the Federal Government, the National Council on Privatisation (NCP) and the Bureau for Public Enterprises (BPE) for their belief in the private sector as well as the efforts being made to improve the power sector in Nigeria. Restating Transcorp’s demonstrated capacity and reputation for the turnaround transformation of assets within its portfolio including successes like the Transcorp Hilton Abuja and Transcorp Power Plc. Ughelli, Mr Ozigbo assured stakeholders that this transaction will make Transcorp ambition to provide power to one out of every four Nigerians even more possible
Nigeria privatised the power sector in 2013 to attract investments needed to revamp electricity generation and distribution. Over the years, companies including Transcorp have invested more than US$3 billion for controlling interests in 15 power generators and distributors.
In Nigeria, power shortages remains a major obstacle and an impediment to the achievement of the country’s potential as an investment destination despite a booming population of about 200 million, making it Africa’s most populous nation and one of the world’s largest frontier markets.
About Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of about 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power and Transcorp Energy