Osinbajo Lauds Transcorp, Inaugurates 240MW Afam Power Plant In Rivers

Vice-President Yemi Osinbajo has inaugurated the 240 megawatts (MW) Afam three-fast power plant in Rivers state.

TransAfam Power Limited, a subsidiary of Transcorp Group, is the core investor in the 966MW Afam Power Plc and Afam three-fast power — jointly referred to as the Afam generation company (GenCo).

The Afam GenCo power plant is located in Okoloma village, Oyigbo local government area (LGA) of the state.

The power firm was privatised in 2017 following the approval of the national council on privatisation (NCP).

In 2020, the Transcorp Power Consortium completed the acquisition of the GenCo at N105 billion.

Speaking at the commissioning ceremony on Tuesday, Osinbajo, representing President Muhammadu Buhari, lauded Transcorp Group’s strides in the power sector.

“The last few days, I must say, belong to Transcorp Power because at the same meeting of the NCP the council approved Transcorp Power consortium as preferred bidder for the acquisition of the Abuja disco,” he said.

Also speaking at the commissioning, Tony Elumelu, chairman of Transcorp Group, stressed on the critical role power plays in Nigeria’s overall development.

The entrepreneur and serial investor described power as the single most critical factor for lifting people out of poverty and enabling job creation.