Oyogist.com learnt that the Federal Government of Nigeria has approved the Share Sale and Purchase Agreements for the Privatization of Afam Power Plc and Afam 3 Fast Power Limited with Transcorp Plc.
Vice President, Yemi Osinbajo while sharing the latest development, said the Signing Ceremony of the Share Sale and Purchase Agreements for the Privatization of Afam Power Plc and Afam 3 Fast Power Limited took place at the State House, Abuja.
The Vice President wrote thus;
” As a part of this administration’s commitment to accelerate reforms in the power sector, the National Council on Privitisation, which I chair, had approved the share sale and purchase agreements for the privitisation of Afam Power, and Afam Three Fast Power Limited to Transcorp Power Consortium. Today we formalised the transfer at a signing event.
” The Afam Power Plc. and Afam Three Fast Power Limited plants have a combined capacity of almost 1,000MW, with a current operational capacity of 240MW.
“We expect that under Transcorp’s ownership, the operational capacity of the facility will be raised to its full capacity, thereby boosting power production tremendously.
“At the event, I emphasized our dedication as a government to improving the private investment environment in the country. We will continue to work on Ease of Doing Business reforms to drive foreign investment, while also encouraging our local investors – a more reliable metric in measuring how well we are doing in this regard.”Prof Osibanjo concluded.