Florence Uwaeme
Nigeria’s Federal government has completed the privatization of the Afam power plant with Transcorp Power Consortium purchasing the plant for 105.3 billion naira.
The plant is located in Afam Community, Oyigbo Local Government Area of Rivers State.
The transfer agreement was signed at the Office of the Vice President, Yemi Osibanjo on Thursday ending the federal government’s control of the power plant.
Transcorp Power Consortium emerged the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about $343.6m) in 2019.
