NCP approves Transcorp Power deal for Afam Power sale
The National Council on Privatisation has approved a request from the Bureau of Public Enterprises to finalize performance agreements with the Transcorp Power Consortium for its acquisition of Afam Power Plc and Afam III Fast Power Limited. This step aims to regularize post-acquisition conditions and ensure the facilities’ commercial viability.
The council’s director-general reported that the government collected 53.9 billion naira from the completed sale. He stated that executing these agreements would allow for mandatory monitoring of the consortium’s performance obligations, including operational expansion.
Vice President Kashim Shettima, who chaired the meeting, called for a fundamental shift in Nigeria’s privatisation strategy. He advocated moving from simple asset sales to aggressive asset optimization to support economic growth. Shettima also emphasized the need for transaction integrity to assure the international investment community.
