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Transcorp Wins Bid for Afam Power Plant
Monday May 6, 2019  Printer Friendly Email this article


Transcorp, owned by Nigerian businessman Tony Elumelu, was successful with its offer for Afam, which operates a natural-gas fired power plant in Nigeria’s southern Rivers state.  Elumelu said in a statement that he plans to invest as much as $2.5 billion in power projects in Nigeria.

Nigeria broke up its state-owned power monopoly in 2013 and began selling distribution units and the hydro- and natural gas-powered plants it ran to attract investment needed to expand supplies. Companies including Transcorp, Korea National Electric Co. and Forte Oil Plc have paid more than $3 billion for controlling interests in 15 power generators and distributors.

 



 
   
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