Transcorp Power Plc exits BPE’s monitoring, supervision list
• Private sector must be involved to achieve power sufficiency, says Osinbajo
Transcorp Power Plc has been delisted from routine evaluation and monitoring by Bureau of Public Enterprises (BPE), a development, which marks significant achievement for the company.
The ceremony, in Abuja, yesterday, signified that Transcorp Power Plc had fulfilled covenants stipulated in the Post-Acquisition Plan (PAP) by BPE, and would no longer be subject to any post-privatisation supervision.
Speaking at the event, Vice President Yemi Osinbajo, who doubles as Chairman of the National Council on Privatisation, applauded the company’s achievement, just as he noted serious private sector participation as the right approach to solving Nigeria’s grave power crisis.
Highlighting the rarity of such a seamless process in the public sector, Osinbajo also commended the BPE for its diligent monitoring and objective decision-making, just as he acknowledged the importance of routine evaluation and monitoring framework.
He commended the Tony Elumelu-led management of Transcorp Power Plc for exceptional performance in meeting and even surpassing agreed-upon covenants and deliverables outlined in the PAP. He also urged the company to continue with its commitment to excellence and encourage other private power companies to follow suit.
He said: “The power needs of our country are grave and we strongly believe that the right approach is privatisation of the power sector, to enable serious minded private sector players invest in the provision of public power and ensure that they are efficient, while they make profit at the same time.
“We hope that this will not be the last in the series of private power companies taking over power plants that are unable to meet expectations of the post evaluation plans. Thank you very much and congratulations, again, to Mr. Tony Elumelu and his team.
“The routine evaluation and monitoring is, as we’ve heard already from the director general of BPE, an important feature of the post-acquisition plan by the BPE and 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. They have been able to ensure compliance with all of the deliverables and in some cases, even exceeding the covenanted deliverables in the PAP.
“So this is both an opportunity to commend the management of Transcorp Power Plc, led by Tony Elumelu, and members of the Transcorp Power team, and also to commend the BPE for doing an excellent job of monitoring and being able to come up with an objective, not just a set of criteria, but also an objective means of deciding that we’re able today to delist the Transcorp Power Plc.”
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