Thursday, Oct 22nd 2020 11:42 AM
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Market Digest Nigeria

Business

Transcorp Consortium emerges as the preferred bidder for AFAM Genco

Transcorp Consortium

Transcorp Consortium emerged the preferred bidder for 100% acquisition of Afam Power Plc and Afam Three Fast Power Limited (together referred to as “Afam Genco”).

Transcorp Consortium comprises Transnational Corporation of Nigeria Plc. and Transcorp Power Limited as its technical partner. The winning bid from Transcorp was for N105.3billion.

At the bid opening today, which was adjudged transparent by regulators and various security agencies present, the president and CEO of Transcorp used the opportunity to thank the Federal Government as well as the National Council on Privatization (NCP) and Bureau for Public Enterprises (BPE) for their belief in the private sector as well as effort being made to improve the power sector in Nigeria.

Transcorp which is reputed for transforming government business has demonstrated capacity and execution mastery over the years with the massive transformation they have brought to bear at Transcorp Hilton Abuja and Transcorp Power Limited Ughelli, both assets purchased from government for non-performance and now hallmarks of sucesss. Transcorp assured that Afam Genco will also witness similar transformation upon takeover.

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