FG delists new owners of Ughelli power plant from routine monitoring

The Federal Government has presented a Certificate of Discharge to Transcorp Power Limited on its completion of the acquisition of the Ughelli Power Plant in Delta.

The presentation of the certificate was done at the meeting of the National Council on Privatisation (NCP) presided over by Vice President Yemi Osinbajo on Monday 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 Tony Elumelu, the Chairman of Transcorp Group, signed on behalf of Transcorp Power Limited.

The certificate of discharge entails that the firm has met the conditions stipulated in its agreement with the Federal Government as presented by BPE.

In his remarks, the vice president 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.’’