Tony Elumelu's Transcorp Power becomes first privatised Genco to fulfill privatisation oblgations

Tony Elumelu's Transcorp Power Plc, the major investor of Ughelli Power Plant, has been issued a discharge certificate by the Federal Government of Nigeria.

The discharge certificate was presented on behalf of the federal government by Vice President Yemi Osinbajo to Tony Elumelu, the chairman of Transcorp Power Plc.

The delisting follows the approval of the National Council on Privatisation (NPC) and the recommendations of the Bureau of Public Enterprises (BPE) after Ughelli Power Plc. had met key post-acquisition requirements.

According to the report, the key post-acquisition requirements include capital expenditure, health, safety and environment, human resources, available capacity, and corporate social responsibility.

Taking to his official Instagram page to announce the news, Elumelu wrote: "Transcorp made History today! It became the first privatized power generation company in Nigeria to fulfil all privatisation obligations and receive a discharge certificate from the Federal Government of Nigeria since the 2013 privatisation of the power sector in Nigeria.

A milestone in Nigeria's power sector

The presentation of the discharge certificate is a significant milestone for Transcorp Power Plc and the Nigerian power sector as a whole. With the new development, Transcorp Power officially becomes the first privatized power generation company to achieve this milestone and will no longer be subjected to post-privatisation monitoring.

Transcorp Power's achievement in fulfilling its privatisation obligations is a significant milestone for Nigeria's power sector.

The presentation of the discharge certificate to Transcorp Power Plc is a significant achievement and a testament to the company's commitment to providing reliable and sustainable electricity to Nigerians.

It is also a demonstration of the federal government's efforts to promote private sector participation in Nigeria's power sector.