Plans to increase Nigeria’s national grid by 700 megawatts (MW), may be taking shape as Tony Elumelu, chairman of Transcorp Nigeria Plc, has pledged to invest as much as $2.5 billion in power projects across the country.
According to Bloomberg, Elumelu revealed that investments in the power sector will be made through Transcorp Power Ltd, a subsidiary company.
Although a time frame was not given, Elumelu said the company is ready to “spend a lot of money” on the 987MW capacity Afam Power Plant which is up for privatisation.
On March 15, the company along with two others, had launched a bid for Afam Power Plant which operates a natural-gas-fired power generation facility in Rivers state.
He said If Transcorp Power successfully acquires the facility, the firm’s daily power output will increase by 700MW, adding 1400MW to the national grid.
“We’ve expressed interest in the acquisition of Afam power plant, which we’re going to spend a lot of money on. It’ll give us 1,400 megawatts and we can do more,” he said.
Speaking on a N90 billion naira debt owed Transcorp Power, Elumelu said such has the tendency to hamper growth in the sector.
“If they’re owing you that kind of money, it affects your ability to do more and more importantly, slows your enthusiasm,” he said.
You may be interested
Houseboy arrested for impregnating, killing and burning the body of his boss’ 13-yr-old daughterWebby - August 15, 2022
Spread the loveThe police in Bauchi State have arrested a 27-year-old man, Munkaila Ado, over the alleged gruesome murder of…
Nigerian Man Kills Chinese National After Being Deported For Abusing A HorseWebby - August 15, 2022
A 24-year-old Nigerian man, Robert Omo has been arrested and dragged to court for allegedly killing a 59-year-old Chinese national…
[Updated] Ilebaye, Khalid evicted from BBNaija show; see how viewers votedWebby - August 15, 2022
Two housemates, Ilebaye and Khalid, in the ongoing television reality show, Big Brother Naija, season 7, have been evicted from…