Elumelu: Transcorp’s plants fully operated by Nigerians

The Group Chairman of Transcorp Power Limited, Tony Elumelu, says the company’s plants are managed and fully operated by Nigerians.

Elumelu said one of the agendas of Transcorp is to create jobs and reduce unemployment in the country.

The billionaire businessman said this while receiving the discharge certificate from the Vice President, Prof. Yemi Osinbajo, at the meeting of the National Council of Privatisation (NCP) in Abuja on Monday, May 8.

He thanked the Federal Government for their trust and confidence in Transcorp, saying: “In addition to fulfilling the post-privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country.

“Safety is very important to us as well, since we began operations in 2013, we have recorded zero incidents till date.

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“Transcorp Group, we do well and do good. We have grown together with our Host communities, enriching lives, and improving the community,” Elumelu stated.

Speaking, Osinbajo said: “Post-privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post-privatisation deliverables.

“I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better.

“This being the first, should not be the last post-privatisation discharge event.”

On his part, the Director General of the Bureau of Public Enterprises, Alex Okoh, congratulated the management of Transcorp for the milestones achieved in turning around the enterprise.

He noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.

Okoh said: “Transcorp Power increased the generation capacity of the plant by 227 per cent from the operational status as at handover in 2013. Speaking further, he said capital expenditure totaling N58.612 billion was covenanted for phase1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85 billion, leading up to a score of 143 per cent.”

The Star