Vice President of Nigeria, Yemi Osinbajo, has officially handed over the discharge certificate of the Ughelli power plant to Tony Elumelu, Chairman of Transcorp Power Plc.
The ceremony was held on Monday, just before the commencement of the National Council on Privatization (NPC) meeting.
A discharge certificate is a written statement of satisfaction that confirms a party has fulfilled its obligations creditably. The presentation of the discharge certificate marks the completion of the sale of the Ughelli power plant to Transcorp Power Plc.
Transcorp Power Limited is the core investor in the Ughelli power plant, which has now been approved for delisting from routine monitoring.
The delisting was approved by the NPC after the Bureau of Public Enterprises (BPE) recommendations were accepted, and Ughelli Power Plc had met five key post-acquisition requirements.
These requirements include available capacity, capital expenditure, human resources, health, safety and environment, and corporate social responsibility.
The Ughelli power plant, located in Delta State, Nigeria, has a capacity of 972MW and was acquired by Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) in 2013.
Transcorp Power Plc is committed to ensuring that the Ughelli power plant continues to generate and distribute electricity to various parts of Nigeria.
The handover ceremony was attended by various government officials, industry experts, and stakeholders in the power sector. Speaking at the event, Tony Elumelu expressed his appreciation to the Nigerian government for the support received in ensuring the successful completion of the acquisition process.
He also reiterated Transcorp Power Plc’s commitment to providing a sustainable and reliable power supply to Nigerians.
See some photos from the event below:
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