FG Moves to Finalise Afam Power Plant Sale To Transcorp Consortium
By NINI NDUONOFIT-AKOH
THE National Council on Privatisation (NCP) has approved steps to conclude the performance agreements required to regularise the sale of Afam Power Plc and Afam III Fast Power Ltd to the Transcorp Power Consortium.
The approval follows a memo from the Bureau of Public Enterprises (BPE), aimed at resolving outstanding conditions and ensuring the plant’s commercial viability. BPE Director-General, Ayodeji Gbeleyi, said the execution of the agreements will allow post-privatisation monitoring of Transcorp’s performance targets.
Vice-President Kashim Shettima, who chairs the NCP, called for a shift from routine privatisation to strategic asset optimisation to support Nigeria’s ambition of building a trillion-dollar economy. He noted that the Afam sale has yielded ₦53.9 billion in proceeds and urged the council to adopt modern models such as long-term concessions and asset-backed securitisation.
Shettima stressed the need for transparency, warning that ambiguities in transactions could lead to litigation and undermine investor confidence.
Gbeleyi also confirmed that the government restructured the Afam transaction this year and highlighted progress on sector reforms, including the unbundling of the Transmission Company of Nigeria into the Nigerian Independent System Operator and the Transmission Service Provider.
Ministers of Finance, Power, Budget and Economic Planning, the Attorney-General of the Federation, and the CBN Governor also contributed to the council’s deliberations.
