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Tony Elumelu’s Transcorp Purchase Afam Power Plant for N105 Billion




Transcorp Purchased 1000MW Afam Power Plant From FG

The Chairman of Transcorp Plc, Tony O. Elumelu, on Friday said the company has acquired 1000 megawatt Afam Power for N105 billion.

In a series of tweets, the billionaire said the firm purchased Federal Government’s 100 percent equity in Afam power for the said amount.

Elumelu, however, promised that his team would transform Afam Power like they did Transcorp Ughelli Power Plant

He said Transcorp would surpass the present power generating capacity of Afam Power to make sure Nigerians enjoy more power supply.

In the tweets, 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.”

Is a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.