VP Osinbajo presents discharge certificate to Elumelu

By Felicia Nwosu

Professor Yemi Osinbajo, Vice President of the Federal Republic of Nigeria,  has presented a post-privatisation discharge certificate to Tony Elumelu, Group Chairman, Transnational Corporation Plc. (Transcorp). The certificate is in line with all privatization conditions which includes all the deliverables in the Post Acquisition Plan of the Bureau of Public Enterprises for the Ughelli Power Plant.

The discharge certificate was presented during the meeting of the National Council of Privatisation (NCP) chaired by the VP himself in Abuja.The milestone achievement marks the first in history as it places Transcorp Power as a pioneer to achieve this since the power sector privatization commenced in 2013.

During the presentation, the VP noted that relinquishing key national assets to only serious-minded investors through strategic efforts will drive a new paradigm shift and also reposition such public assets for efficiency and sustainable growth. Osinbajo added that, for both privatization and commercialization of public assets to optimise efficiency and improve value delivery, the right approach is to ensure that it is assigned to the right individuals with sustainable prospects for growth.

“The power needs of our country are grave and we strongly believe that the right approach is the privatization of the power assets to enable serious-minded private sector players to invest in the provision of public power and to ensure that they are efficient and make profit at the same time. Post privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables. I commend Tony Elumelu and his Transcorp team for this feat.”

The Group Chairman, Transcorp, Mr. Elumelu, appreciated the Federal Government for its trust and confidence in Transcorp. According to him, Transcorp has driven a strong indigenous agenda, with its plants being managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country.

Sharing the landmark achievement on his LinkedIn page, the notable business leader with an outstanding business pedigree and style said, “We all know how critical access to electricity is to the Nigerian economy. Robust, plentiful power, delivered across our country will be transformative. Improved access to electricity willyield life enhancing changes to our schools, hospitals, homes and industries. At Transcorp Group we are transforming a vision into a reality. We do not only have the vision – but have turned that vision into reality.”

He modestly revealed that Transcorp made history by becoming the first privatized power generation company in Nigeria to fulfil all privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria since the 2013 privatisation of the power sector in Nigeria.

“Today, Transcorp generates 789MW of electricity, placing Transcorp’s total contribution to the National grid at 16% – powering homes, schools, hospitals and enabling industrialisation.

“At Transcorp Group, we do well and do good. We have grown together with our Host communities, enriching lives, and improving the community by operating a 100% Nigerian-run plant, creating jobs and reducing unemployment in the country,” he added.


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