Transcorp Acquires Ughelli Power Plant In Delta State

The Federal Government today presented a Certificate of Discharge to Transcorp Power Limited as it completed the acquisition of the Ughelli Power Plant in Delta.

The presentation was done at a meeting of the National Council on Privatisation (NCP).

The meeting was presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Alex Okoh, the Director General of the Bureau of Public Enterprises (BPE), signed on behalf of the Federal Government while the Chairman of Transcorp Group Tony Elumelu, signed on behalf of the company.

According to Vanguard, the certificate of discharge reveals that the firm has met the conditions stipulated in its agreement with the Federal Government as presented by BPE.

The vice president in his remark said that NCP was pleased with the performance of Transcorp Power as the certificate meant that the firm had been delisted from routine monitoring.

“This is a very happy occasion because it is not often that public institutions such as ourselves, the NCP is able to say that we were able to see and conduct power matters from beginning to the end and to see to the end of it is successful.

“Very often, we see the hiccups and we go from one government to the other trying to resolve a particular issue; so, this is a very heart-warming occasion.

“Of course, we have heard already from the director general of BPE that what we are doing today is the delisting of Transcorp Power Limited from the routine evaluation and monitoring of the BPE.

“The routine evaluation and monitoring is, as we have heard already from the director general of BPE, an important feature of the post-acquisition plan by the BPE and it has covenants and deliverables which the enterprise is supposed to live up to.’’