Atedo-Peterside1Chairman of the Technical Committee of the National Council on Privatisation (NCP), Mr. Atedo Peterside, has congratulated the Bureau of Public Enterprises (BPE) for the successful handover of 10 distribution companies and four generation companies unbundled from the defunct Power Holding Company of Nigeria (PHCN).

In a statement Sunday, Peterside urged the privatisation agency to expedite action on the sale of Kaduna Electricity Distribution Company, as well as Afam and Sapele generation companies.
He said he was worried about the geo-graphical area covered by Kaduna disco as “the people and businesses in the zone must not be de-linked from progress attained by the rest of Nigeria for a day longer than necessary.”

“I am aware of several things which could have gone wrong during the handover process and I am not one to take a successful outing for granted. Please convey this message also to all those BPE staff who work tirelessly to achieve this major milestone,” he said.

In a related development, Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) has officially taken physical ownership of Ughelli Power Plc, as the owner and operator of the 1000MW capacity Ughelli Power Plant.
This followed a handover ceremony hosted by the federal government at the plant located in Ughelli, Delta State with government representatives, community leaders and other key power stakeholders in attendance.

Vice-President Namadi Sambo, who was represented by the Minister for Labour and Productivity, Mr. Emeka Wogu, said the handover ceremony was the culmination of 14 years of painstaking efforts by the NCP; BPE, the Federal Ministry of Power and other key stakeholders to reform and liberalise Nigeria’s electricity industry.
“This reform and privatisation programme is rightly focused on the big picture, that is, the impact on the economy as a whole and ultimately, the greatest good for the greatest number of Nigerians. I congratulate Transcorp for emerging as the successful winner through a very rigorous, competitive and transparent process. We appreciate your faith in the process and your faith in the Nigerian Government and economy,” Sambo said.

By August 21, 2013, TUPL had effected full payment of $300million,  representing 100 per cent of TUPL’s bid price for the plant.

Chairman of Transcorp, Mr. Tony Elumelu, while commenting on the successful handover ceremony, commended the administration of President Goodluck Jonathan for its diligence towards achieving this significant milestone in the history of the Nigerian power sector.

He said Transcorp and its partners – Tenoil, Symbion Power, Thomassen and Woodrock Energy were well positioned and have the required expertise to operate a world-class power generation plant that will transform the power sector and change the lives of its citizens.

Elumelu further re-stated Transcorp’s commitment to invest in host communities wherever the organisation operates with the aim of creating jobs, providing training and ensuring vital knowledge and skills transfer where possible thus ensuring sustainable contribution to Nigeria’s economic and social development .

“We will actively engage the local communities in and around Ughelli to work together with the unified objective of ensuring that lives are improved and our larger economy revived,” he added.

Chief Executive Officer of TUPL, Mr. Adeoye Fadeyibi, affirmed that the power sector reform of the Federal Government had indeed created the right platform for sustainable economic development in Nigeria.

“This is just the beginning of greater things to come. TUPL is poised to positively impact on the socio-economic development of Nigeria by improving living standards through regular and adequate power supply. We will increase the power generation of the plant from 300MW to over 1500MW in the next five years and we have the requisite capacity in finance and human capital to achieve our strategy,” he added.


Information from This Day was used in this report.