Senate Committee on Privatization visits Transcorp Power Limited: A step in the direction of solutions

15th November 2016

bmbOn Thursday the 10th of November 2016, the Senate Committee on Privatization visited Transcorp Power Limited’s Ughelli Power Plant, led by Senator Ben Murray Bruce, Senator Abdullahi Yahaya, and Senator Shaaba Lafiagi. The Director General, BPE, Dr Victor Akpotaire was also in attendance accompanied by aides.

 

The Senate committee arrived to a warm reception from Transcorp Plc. President/Group CEO Emmanuel Nnorom and Senior Executive staff of Transcorp Power Limited.

 

In his detailed presentation to the senate committee, Emmanuel Nnorom highlighted the milestones achieved by Transcorp Power Limited since taking over the plant from PHCN, the Ughelli community initiatives undertaken by Transcorp Power Limited as well as ongoing maintenance and upgrades that will see the plant enter 2017 with even greater generating capacity.

 

The Senate Committee was truly impressed by the fact that Transcorp Power Limited has been able to expand capacity by 525%, undertaken CSR initiatives annually in three Ughelli communities and continues to invest in excess of N240million a year in the staff school despite the challenges in Nigeria today.

 

President/Group CEO, Emmanuel Nnorom expressed that the road has been far from easy, given the current economic climate. Transcorp Power Limited however will not waiver on its goal to eventually deliver 25% of Nigeria’s generated power. He stated that the challenges include the unavailability of foreign exchange, the absence of a cost reflective tariff, the arbitrary way DISCOS remit funds paid to them by final consumers, the outstanding debt owed by NBET and the omission of the power sector as a priority sector by the Federal Government.

 

Senator Ben Murray Bruce acknowledged that the concerns of Transcorp Power Limited were genuine; as they mimicked the concerns of all the other GENCOS the Senate Committee had engaged in dialogue. The senator acknowledged the importance of the power sector’s success to the bigger picture that is Nigeria. He advocated a workshop that will include all stakeholders in the sector and all relevant government committees. In his own words “We should be locked inside a room and stay there until we arrive at solutions, no matter how long it takes”. President/Group CEO, Emmanuel Nnorom and senior executive staff of Transcorp Power Limited expressed their total support for the power sector workshop concept and guaranteed participation. The Senate Committee on Privatization’s visit to Transcorp’s Ughelli Power Plant ended with a strong resolve amongst all present to chart a progressive course for the sector and will hopefully be remembered as a step in the direction of solutions.