BPE Hands Over N105.3bn Afam Power Plant To Transcorp Power Consortium

The Bureau of Public Enterprises, on behalf of the Federal Government, has handed over the N105.3bn Afam Power Plant to Transcorp Power Consortium.

The National Council on Privatization had earlier approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company worth N105.3bn.

The Director-General, Bureau of Public Enterprises, Alex Okoh, at the handing over ceremony in Abuja on Thursday, noted that previous efforts to privatize Afam Power Plc had failed.

He added that the BPE commenced a competitive privatization process for the plant following the approval of the NCP for the recommencement of a new process,

This, he said, culminated in Transcorp Power Consortium emerging as the preferred bidder with a combined offer of N105.3bn.

According to him, Transcorp Power Consortium on Thursday, paid about 25 per cent of the total bid amount being the condition precedent to the current activity of handing over.

“I must add that my emphasis on cash payment is to correct some misinformation in the media that purported 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 sub-committees.

“However, with the payment of the money by Transcorp to the treasury today, we hope this unfounded and concocted information being fed to the public would stop.”

The agreement according to the DG marked a significant milestone in the process of the power sector reform given the long drawn process of the transaction.

In his remark, the President, Transcorp Power Consortium, Tony Elumelu, said he would work with the state government, host community and residents to fast track development in the area.

ENDS