The Federal Government (FG) has approved Transcorp Power as the preferred bidder for the Abuja Electricity Distribution Company (AEDC).

Vice President Yemi Osinbajo disclosed this during the commissioning of the Afam 3 Fast Power 240-megawatt turbine in Rivers State on Tuesday.

Osinbajo stated that the approval was given by the National Council on Privatisation (NCP) and that the acquisition cost is ₦105.3 trillion.

He added that the development is a significant breakthrough in the country’s power sector.

“A major breakthrough of our privatisation process, which of course, as you know, started in 2005-2006, was and has been inadequate of private investments and real cash injections,” Osinbajo said.

“From the time we started, an indigenous firm such as Transcorp Power and Heirs Holding have been making significant investments such as this 100 percent acquisition of installed capacity Afam Power Plc and Afam Three Fast Power Limited, jointly referred to as Afam GenCo. The acquisition cost, I am sure you have heard already, is N105.3 trillion.

“Only yesterday, the national council on privatisation (NCP) formally delisted Transcorp Power Plc, formerly known as Ughelli Power Plc, from routine monitoring and evaluation by the BPE, indicating yet another successful power investment.

“I can say the last few days belong to Transcorp Power because at the meeting of the national council on privatisation (NCP), the council approved Transcorp Power Consortium as the preferred bidder of the acquisition of the Abuja Distribution Company.” (The Guardian: Text, Excluding Headline)

•Vice president Yemi Osinbajo presenting Transcorp Power with a Certificate of Discharge.