Transcorp Power Limited, Nigeria’s largest power generation company, has received a post-privatisation discharge certificate from the Federal Government of Nigeria. The certification signifies that the company has fulfilled all privatisation conditions and will no longer be subject to post-privatisation monitoring. Transcorp is the first privatised power generation company to achieve this milestone since the power sector privatisation began in 2013. One of the key targets set for Transcorp was a minimum available capacity of 670MW, which it has exceeded. The certificate was presented to Transnational Corporation Plc (Transcorp), owners of Transcorp Power, at the National Council of Privatisation (NCP) meetingby Vice President Yemi Osinbajo and Chairman of NCP.
The Group Chairman of Transcorp, Tony O. Elumelu, thanked the government for their trust and confidence in Transcorp and said that the plants were managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country. The Director-General of the Bureau of Public Enterprises, Alex Okoh, congratulated Transcorp for the milestones achieved in turning around the enterprise. Transcorp Power increased the generation capacity of the plant by 227% from the operational status at handover in 2013. At the time of acquisition, the plant had an available capacity of 160MW, which Transcorp increased to 680.83MW within four years of takeover, surpassing the five-year target of 670MW set by the Bureau of Public Enterprises.