Transcorp Wins Bid for Afam Power Plant

Monday, May 6, 2019

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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