Transcorp takes over Ughelli power plant

Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), on Friday, officially took physical ownership of Ughelli Power Plc, thus becoming the owner and operator of the 1,000MW capacity Ughelli Power Plant following a handover ceremony hosted by the Nigerian Federal Government. The ceremony was held 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 Mr Emeka Wogu, the Minister of Labour and Productivity said: “This handover ceremony is the culmination of 14 years of painstaking efforts by the NCP and its Secretariat, the Bureau of Public Enterprises (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 on 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.” Ughelli Power Plc, operator of the Ughelli Power Plant is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). By August 21, 2013, TUPL had effected full payment of $300million to the Bureau of Public Enterprises (BPE) representing 100 per cent of TUPL’s bid price for the plant. Tony Elumelu, Chairman of Transcorp, while commenting on the successful handover ceremony remarked: “I would like to thank the administration of President Goodluck Jonathan for its diligence towards achieving this significant milestone in the history of the Nigerian power sector.” He added that Transcorp and its partners Tenoil, Symbion Power, Thomassen and Woodrock Energy were well positioned and had the required expertise to operate a world-class power generation plant that would transform the Nigerian power sector and change the lives of its citizens. Mr 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.”