Tuesday, May 09, 2023

Your Excellency, the Vice President of Nigeria, Prof. Yemi Osinbajo, SAN, GCON;The Honourable Minister of Power, Engr. Abubakar Aliyu; Members of the National Assembly here present; The Paramount Ruler of Okoloma Afam, HRH Eze A. A. Dike; Representatives of the State, distinguished guests, ladies and gentlemen.

It is with great pleasure that I welcome you all to the commissioning of Afam Three Fast Power Plant; a 240MW installed capacity plant comprising eight (8) trailer-mounted mobile gas turbines of 30MW each.

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.

Therefore, I am so proud today, that we have been able to bring together so many key stakeholders.
Why? To tell a success story. A Nigerian success story.
A story that can be repeated over and over again – if Government, communities and the private sector work together, as we have worked together, here at Afam.

The Transcorp Group partnership at Okoloma Afam, began in November 2020 when we signed the Afam Power Share Sale and Purchase Agreement, at a ceremony presided over by His Excellency, the Vice President.

The journey has not always been easy – but we have delivered: capacity recovery, plant investment, infrastructure improvement, excellent community relationship and a transformed and motivated workforce.

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

Transcorp Group is a key player in the power sector. We recognize power is the single most critical factor to lifting our people out of poverty and enabling job creation.
It is a sector that has been a strategic priority for us, since the inception of our journey.

Because to do well, you have to do good.
Power is a public good, a right, a catalyst for a better Nigeria.

I am delighted to welcome you, Mr. Vice President, to the commissioning of this project. It is a testament to your legacy as Chairman of the National Council on Privatisation and reinforces our country’s confidence in the ability of serious-minded private sector leaders to drive economic growth and progress.

Transcorp, has since its inception in 2006, led the way in demonstrating the success of successive privatisation programmes.

Yesterday, we were at the State House Villa, Abuja, to receive from the Federal Government, a certificate of discharge from post-privatisation monitoring of Transcorp Power Limited, Ughelli, by the National Council on Privatisation (NCP), chaired by His Excellency.
We met, and in some cases, surpassed post-privatisation targets, set for us by Federal Government, through the NCP and its secretariat, BPE.

Transcorp executed the largest capacity recovery in a privatized power plant in Nigeria, by increasing generated electricity of Transcorp Power Plant in Ughelli from 160MW to 680MW, within a period of 4 years. We transformed Transcorp Hilton Abuja, the flagship hospitality asset of our country, to become the ultimate hospitality destination in Africa. Transcorp Hotels Plc was also discharged from post-privatisation monitoring by the Federal Government in 2019. These successes confirm our business philosophy of building to last, whilst creating significant value for all stakeholders.

Let me appreciate the Federal Government of Nigeria, led by His Excellency, President Buhari, GCFR, His Excellency the Vice President, the National Council on Privatisation and the Bureau of Public Enterprises for their very strong support and commitment.

Let me also specially appreciate His Excellency, Governor Nyesom Wike for all the support we have received from the Rivers State Government.

I must also appreciate the Honourable Minister of Finance, Honourable Minister of Power, and their respective teams.

The role of the government is to create the enabling environment for the private sector to thrive.

Let us not stop here.

My vision is of a Nigeria, where time and time again, we can repeat the success we see today at Afam.

I call on the Federal Government to resolve the gas and evacuation challenges that exist in the region, so that the capacity we are recovering in the plants, can be optimized for the good of Nigeria.

I want to use this opportunity to urge the in-coming Federal Government to improve gas supply to our industry and our Afam Plants, ensure the completion of the 330Kv double circuit Afam-Ikot-Ekpene transmission lines, which will increase the capacity of the Afam evacuation corridor.

Our success has been built on a partnership with our host community. My sincere gratitude goes to the Paramount Ruler of Okoloma Afam, HRH Eze A. A. Dike, and the entire Okoloma Afam Community, for receiving us with open arms and creating the environment which has birthed the mutually beneficial relationship between TransAfam Power Limited and their community.

We are a Nigerian business – our success can only come if our compatriots and communities succeed.

I would finally like to warmly thank everyone who worked to bring this project to life, the very capable management of Transcorp Group, led by Dr. Owen Omogiafo, the Group CEO and specially acknowledge the management of TransAfam Power Ltd led by Engr. Vincent Ozoude for all their hard work and commitment to execution.

At Transcorp Group, we will continue to invest in critical sectors of the economy to improve lives and transform societies.

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.

Thank you, everyone, for coming today. God bless you.
Tony O. Elumelu, CFR
Chairman, Transnational Corporation Plc

share this