*Sale of Afam Power shows private sector confidence in Buhari administration’s reforms, Elumelu tells VP
*Plants expected to increase national grid output by 966MW – DG, BPE
The main objective of developing a power sector that will steadily deliver quality service and sustain itself is on track with the successful acquisition of Afam Power Plc and Afam Three Fast Power, by the Transcorp Consortium, according to Vice President Yemi Osinbajo, SAN.
Prof. Osinbajo stated this on Thursday in Abuja at the signing ceremony of the Share Sale and Purchase Agreements for Afam Power Plc and Afam Three Fast Power Limited. The Minister of Power, Engr Saleh Mamman, officials from the BPE and Transcorp Consortium, were among those that attended the event.
According to the Vice President, “the Buhari Administration’s goal is to eliminate challenges in the Power Sector by improving liquidity in the market through a host of measures, including the recently announced National Mass Metering Program and the transition to Service-Based Tariff. We need a power sector that can provide quality service to Nigerian consumers and sustain itself.”
Speaking on the significance of the development in the administration’s effort at improving electricity supply in the country, the Vice President said “today is a milestone in our continued efforts to accelerate reforms in the power sector. This investment by Transcorp in acquiring “Afam Power Plc” and “Afam Three Fast Power Limited” is the first of many new investments planned in the sector across the value chain from Generation to Distribution.”