Vice President, Yemi Osinbajo and Group Chairman, Transcorp Plc, Mr. Tony Elumelu; during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State

By Ngozi Onyeakusi—The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, on Tuesday commissioned Transafam Power, a subsidiary of Transnational Corporation Plc’s 240 MW Afam Three Fast Power plant in Afam, Rivers State. With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000 MW.

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Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories, and businesses that provide their livelihoods.” “It brings into view the importance of private capital in building up capacity along the power value chain.” The Vice President said Speaking further, Prof. Osinbajo said: “A major weakness of our privatization process has been the inadequacy of private investments and new cash injections.” But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings making significant investments, such as the 100% acquisition of the 966 MW installed capacity in Afam Plc and Afam III Fast Power Limited, jointly referred to as Afam Genco.