Elumelu ignores distractions as Transcorp Power increases capacity

Chairman of Transcorp Group, Mr. Tony O. Elumelu, has ignored series of allegations made against him by businessman, Mr. Femi Otedola, over purchase of power plants and acquisition of bank shares.

To Elumelu, the facts speak for themselves. He is not ready for distractions.

The Heirs Holdings and United Bank for Africa (UBA) chairman’s focus is about the growth of his businesses not engaging in unnecessary spat.

Otedola’s media war against Elumelu is coming at a time Transcorp Group is recording milestones in the power sector.

Vice President Yemi Osinbajo on Tuesday, May 9, indeed declared that the last few days belong to Transcorp Power.

The allegations came on a day Osinbajo inaugurated Transafam Power’s 240MW Afam Three Fast Power plant in Afam, Rivers State.

“I can say the last few days belong to Transcorp Power because at the meeting of the national council on privatisation (NCP), the council approved Transcorp Power Consortium as the preferred bidder of the acquisition of the Abuja Distribution Company.

“Only on Monday, the NCP formally delisted Transcorp Power Plc, formerly known as Ughelli Power Plc, from routine monitoring and evaluation by the BPE, indicating yet another successful power investment.”

With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.

Speaking during the ceremony, Elumelu: “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny. Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

“Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.

“We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of “Improving Lives and Transforming Africa.”

The target of Elumelu’s power companies is 2,000 megawatts.

The commissioning of Afam Three Fast Power plant came on the heel of the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on Privatization (NCP) in a ceremony held at the Presidential Villa Abuja on Monday, May 8, 2023, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).

The United Bank of Africa (UBA), in December 2021, took over AEDC over the inability of its major stakeholder, Kann Consortium, to pay $122 million debt owed to the bank.

Kann Consortium had secured a loan from UBA to acquire AEDC in 2013, making it hold a 60 per cent stake in the DisCo.

However, the bank, in April 2023, said it would sell AEDC to recover the $122 million debt.

The Star