nigeria's power in the hands of the private sector - feb 21, 2013
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7/29/2019 Nigeria's Power in the Hands of the Private Sector - Feb 21, 2013
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PRESS RELEASE
NIGERIAS POWER IN THE HANDS OF THE PRIVATE SECTOR
Abuja, Nigeria- February 21 , 2013 : President Goodluck Jonathan's commitment to 'moveNigeria from darkness to light' was one step closer to being realized today at the official signingceremony held by the BPE for the winning bidders of the privatization of the Power HoldingCompany of Nigeria (PHCN).
The ceremony was held at the Presidential Villa in Abuja and was presided over by Minister ofPower Professor Chinedu Nebo. In attendance were representatives from the five generating and 10
distribution companies, including Transcorp, who successfully bid for the Ughelli power plant in theDelta. The winning companies were whittled down from over 300 interested parties in a processwhich the Director General of the BPE Benjamin Dikki said, "matched and exceeded internationalbest practice".
Dikki went on to applaud the high quality of investors, "All the firms that went through thisrigorous privatisation process and emerged as the preferred bidders should be congratulated.Nigerians can start to smile.
Applauding government on its achievement, Chairman of Transcorp; Tony O Elumelu said, Thegovernment has declared 'let there be light...and there will be. This is a significant milestone in
Nigeria's journey to economic development and social wealth for all. It shows how the public andprivate sector can work together to solve the most pressing issue facing the country. Thegovernment has delivered on its promise to let the private sector in. All interests are now alignedand Nigerians will soon begin to feel the effects. This is Africapitalism in action.
On Transcorps involvement, Elumelu said We are active investors, with a track record of deliveryin the turn-around of businesses. We have already started the process at Ughelli. We have our turn-around strategy in place, our US based partners Symbion Power and GE are on board, and withinthe next decade we will facilitate the generation of 10,000MW of additionalpower to Nigerian households.
All speakers at todays event agreed that the implications of the ceremony were far reaching. Athriving power sector will impact directly on the country's economic growth, its competitiveness,foreign investment, job creation, productivity and the delivery of social services.
About TranscorpTransnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with adiversified shareholder base of over 300,000 investors. Our portfolio comprises strategic
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investments in the hospitality, agribusiness and energy sectors. Our notable businesses includeTranscorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operatorof Teragro Benfruit plant - Nigerias first-of-its-kind juice concentrate plant; and Transcorp EnergyLimited.
For more information about Transcorp, please visitwww.transcorpnigeria.com
Contact:
Dupe Kupoluyi OlusolaDirector of ResourcesTransnational Corporation of Nigeria Plc38 Glover Road (formerly 22B)Ikoyi, LagosTel: +234-1-9033946-50Email:[email protected]
http://www.transcorpnigeria.com/http://www.transcorpnigeria.com/http://www.transcorpnigeria.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.transcorpnigeria.com/