Transcorp Acquires Afam Power for N105 Billion

Transcorp Plc has acquired 1000 Megawatt Afam Power for N105 billion, according to Tony O. Elumelu, the Chairman, Transcorp.

Tweeting via his Twitter handle @TonyOElumelu, Elumelu said Transcorp Plc has purchased the Federal Government of Nigeria’s 100 percent equity in Afam Power for a sum of N105 billion.

The billionaire entrepreneur cum philanthropist said his team will surpass the installed capacity of Afam Power and significantly improve the plant generating power to ensure more power supply for Nigerians.

This he said Transcorp has done with the Transcorp Ughelli Power Plant acquired in 2013.

Elumelue said “My team @TranscorpPLC and I yesterday sealed the acquisition of 1000MW of electricity from the sale of FGN’s 100% equity in Afam Power for N105bn.

“As we have done with the Transcorp Ughelli Power Plant which we acquired in 2013, we will surpass the installed capacity of Afam Power and significantly improve the plant to generate even more electricity for Nigerians and power our people to prosperity.

“This investment of N105bn in the Power sector will help to create jobs for our youths, eradicate poverty and drive mass economic empowerment. I thank President @MBuhari & @ProfOsinbajo for their strides in promoting the development of the power sector and the resulting local investments. There is no better or more powerful signal to foreign investors.

“Well done to the dream team at Transcorp for consistently delivering on our vision of Improving Lives and Transforming Nigeria @owenomo Chris Ezeafulukwe and @OlusolaModupe.”