 has approved the Bureau of Public Enterprises’ (BPE) request to finalise performance agreements with Transcorp Power Consortium for the){kind=link}
The National Council on Privatisation (NCP) has approved the Bureau of Public Enterprises’ (BPE) request to finalise performance agreements with Transcorp Power Consortium for the sale of Afam Power Plc and Afam III Fast Power Limited, marking a significant step toward regularising the post-acquisition process and ensuring the plant’s commercial viability.
Chairman of the NCP and Vice President Kashim Shettima, who presided over the Council’s third meeting of 2025 at the Presidential Villa, Abuja, called for a bold shift in Nigeria’s privatisation agenda—from mere asset sales to full-scale asset optimisation capable of driving the nation’s trillion-dollar economy ambition.
“Our aspiration to build a trillion-dollar economy demands discipline, vision, and strict adherence to the economic compass provided by this Council,” Shettima said, warning that without such direction, economic targets would remain “nothing more than theory formation.”
He urged the Council to focus on unlocking value from Nigeria’s underutilised assets—including dormant real estate, idle lands, and untapped intellectual property—while embracing innovative models such as long-term concessions, asset-backed securitisation, and performance-based core investor sales.
BPE Director-General, Ayodeji Ariyo Gbeleyi, who presented the memo to the Council, disclosed that the Federal Government had concluded the sale of Afam Power to Transcorp Power Consortium, collecting N53.9 billion as privatisation proceeds. He explained that the execution of the performance agreements would pave the way for BPE’s post-privatisation monitoring of the investor’s performance targets, including boosting operational capacity.
Gbeleyi also revealed that the unbundling of the Transmission Company of Nigeria (TCN) into two entities—the Nigerian Independent System Operator and the Transmission Service Provider—was successfully completed this year.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, lauded BPE’s performance, urging continued adherence to global best practices. Other key officials at the meeting included the Ministers of Power, Adebayo Adelabu; Budget and Economic Planning, Atiku Bagudu; Attorney General of the Federation, Lateef Fagbemi (SAN); and the CBN Governor, Olayemi Cardoso.
— Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), November 13, 2025.
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