President Muhammadu Buhari on Tuesday commissioned the 240 megawatts Afam 3 Fast Power Plant located at Okoloma Afam, in Oyigbo Local Government Area of Rivers State.
Represented at the event by Vice President Yemi Osinbajo, President Buhari said the Afam 3 power plant is an important part of the federal government’s aspiration to bring electricity to millions of Nigerians in their homes and to also factor it into their businesses for the survival of their livelihood.
President Buhari said the project brings a very sharp relief to the importance of private capital in building up capacity around the power value chain which he said has been a major weakness in the privatisation process.
The president said indigenous investors such as Transcorp and Heirs Holdings making significant investments such as one hundred per cent acquisition of 966 megawatts in Afam PLC and Afam 3 Fast Power Ltd jointly referred to as Afam JENCO at an acquisition of N105.3bn.
He said, “Only yesterday (Monday), the National Council on Privatisation formally delisted Transcorp Power formerly known as Ughelli Power Plc. from team monitoring and evaluation by the BPE. This is yet another successful power investment. In the last few days I told Tony Elumelu that the last few days belong to Transcorp Power.
“Because at the same meeting of the National Council on Privatisation, the council approved Transcorp Power Consortium as the first bider for the acquisition of the Abuja Disco. In the past few years, we have seen investors coming into the power value chain. This transaction includes the Quest Plc. that became a core investor in Yola Disco.
Minister of Power, Engr Abubarkar Aliyu, who was represented by the permanent secretary of the ministry, Temitope Fashedemi, said the realisation of the project is one of the landmark achievements of the federal government in the power sector, in its endeavour to reduce the gap in the supply and demand for electricity in Nigeria.
Chairman of Transcorp group, Tony Elumelu, said the Transcorp group’s partnership with the Okoroma Afam power project began in 2020 when it signed the Afam power agreement at a ceremony performed by the vice president.
He said Nigerians know the importance of the power sector just as everybody knows the consequences of power deficit and its implications to the people, businesses, schools, hospitals and institutions.