Vice-President Yemi Osinbajo says only private sector investors can ensure steady power supply in the country and meet the energy needs of Nigerians.of the discharge certificate of Ughelli power plant to Tony Elumelu, chairman of Transcorp Power Plc.
“We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post-evaluation plans,” the VP said.“The power needs of our country are grave. And we strongly believe that the right approach is the privatisation of the power sector to enable serious-minded private sector players to invest in the provision of public power and ensure that they are efficient while they make a profit at the same time.
“It has covenants and deliverables which the enterprise is supposed to live up to. And we found, in this case, that Transcorp Power Plc has done exactly that,” he said. “Following a capacity determination and validation of Ughelli Power PLC by the consultants engaged by the National Council on Privatisation, it was determined that generation capacity had increased by about 227 per cent from the operational status of 300 megawatts at the point of handover in 2013,” Okoh said.