TheCable

Tony Elumelu, Nigeria’s renowned economist, says Transcorp power plant is wholly managed by Nigerians.

Elumelu, who is also the chairman of Transcorp Power Limited, spoke on Monday while receiving the discharge certificate of Ughelli power plant.

The certificate was presented to the philanthropist by Vice-President Yemi Osinbajo just before the commencement of the national council on privatisation (NPC) meeting.

The Ughelli power plant, a gas-fired thermal plant with 972 megawatts (MW) capacity, has been privatised since 2013. One of the key targets set for Transcorp is a minimum available capacity of 670MW.

Speaking at the certificate presentation ceremony, Elumelu said the company’s indigenisation plan has ensured that the power plant is managed and run by only Nigerians.

“Mr. Vice-President, let me also say that in addition to the criteria set, we actually are doing a very strong indigenisation of Transcorp Power Plc. I am proud to say that our power plant is managed and operated 100 percent by Nigerians,” he said.

“We at Transcorp Group recognise the importance of improved access to electricity. We know that with improved access to electricity, people can go to school, hospitals can function well, businesses can operate very well and most importantly can empower the industrialisation of our country.

“This is why we invested in power and continue to invest in the power sector because we know it holds the key, largely, to the success of our country.”