Vice-President Yemi Osinbajo has presented the discharge certificate of the Ughelli power plant to Tony Elumelu, the chairman of Transcorp Power Plc, at a ceremony held before the commencement of the National Council on Privatisation (NPC) meeting on Monday.
The certificate, which is a written statement of satisfaction that a party has fulfilled its obligations credibly, signifies the approval of the delisting of the power plant from routine monitoring.
Transcorp Power Limited, the core investor in the Ughelli power plant, had met five key post-acquisition requirements, which include available capacity, capital expenditure, human resources, health, safety and environment, and corporate social responsibility.
The Bureau of Public Enterprises (BPE) recommended the delisting a month ago, and with the approval of the NPC, the plant has now been delisted from routine monitoring.
Transcorp Ughelli Power Limited, a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), had taken over ownership of the Ughelli power plant in 2013.
