Abuja — The National Council on Privatisation (NCP) has given the green light for the Bureau of Public Enterprises (BPE) to finalize Performance Agreements (PAs) with Transcorp Power Consortium concerning the sale of Afam Power Plc and Afam III Fast Power Limited.
The approval was granted during the NCP’s third meeting of 2025, chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja. The decision follows a memorandum presented by BPE Director-General, Ayodeji Ariyo Gbeleyi.
According to Gbeleyi, the new PAs are intended to formalize outstanding post-acquisition obligations while setting operational benchmarks to ensure the commercial viability of Afam’s power assets. He noted that the Federal Government had already received N53.9 billion from the privatization proceeds, with the assets fully transferred to Transcorp Power Consortium following the initial transaction in November 2020.
The DG further explained that government restructuring in early 2024 necessitated updated documentation to align the original agreements with revised performance expectations, investor commitments, and regulatory requirements.
The move marks a key step in consolidating the privatization of one of Nigeria’s strategic power assets, ensuring that both investors and the government meet mutually agreed operational targets.
