Vice President Yemi Osinbajo commissions the Transcorp Afam III Fast Power 240MW turbines in Afam, Rivers State on 9th May, 2023. He was there with and on invitation by Mr. Tony Elumelu, Chairman of Transcorp Group. There were other people there like DG BPE Mr. Alex Okoh, Transcorp President Mrs. Owen Omogiafo, and Mr. Christopher Ezeafulukwe.
These people and some others were there to cut the tape during the commissioning of the Transcorp Afam III Fast Power 240MW turbines in Afam, Rivers State. They also took the Vice President around, showing him the facilities.
Transcorp is in Charge of Afam Power Plant
Transcorp is an investment-making and money pooling group where members contribute to make and control investments. They own a wide variety of assets ranging from hotel, shares in banks, large oil blocks they acquired from Shell, power plants, and so on. The own Ughelli and Afam power plants, which are one of their biggest and most valuable assets.
Earlier, Femi Otedola accused Tony Elumelu and top shareholders in Transcorp for undervaluing Transcorp. This, he said, is as a result of non-performance. In a few years of running his own power plant, Otedola was able to maximize its production by over 50%, and spike the value of the plant by over 100%.
Mr. Otedola believes Tony Elumelu and the rest of team at Transcorp can do more. He accuses them of not wanting to do more, thus undervaluing Transcorp, and running inefficient corporations.
The generating level of Transcorp’s Ughelli and Afam power plants are still way below what’s expected. This affects the level and number of megawatts transmitted from these plants to the national grid. By installing new turbines and working on more efficiency in these plants, Elumelu and the rest of the team have demonstrated the will to improve on what’s on ground.