The National Council on Privatisation (NCP) has approved a request from the Bureau of Public Enterprises (BPE) to conclude negotiations with Transcorp Power Consortium for the execution of Performance Agreements (PAs) relating to the sale of Afam Power Plc and Afam III Fast Power Limited.

The approval—granted during the Council’s third meeting of 2025, chaired by Vice President Kashim Shettima at the Presidential Villa—aims to resolve outstanding post-acquisition conditions and ensure the long-term commercial viability of the Afam power assets.

Sale Completed, N53.9bn Already Remitted

Presenting the memo, BPE Director-General Ayodeji Ariyo Gbeleyi disclosed that the government had fully concluded the sale process and received N53.9 billion in privatisation proceeds. He added that although Transcorp Power Consortium took possession of the asset earlier, the transaction had to be restructured in 2025 to align with updated regulatory and operational requirements.

Execution of the PAs, he said, will enable the BPE to begin statutory post-privatisation monitoring of Transcorp’s obligations, including operational improvements and capacity expansion in line with sector standards.

NCP Reviews 2025 Milestones

Gbeleyi also briefed the Council on 2025 achievements, including the unbundling of the Transmission Company of Nigeria (TCN) into the Nigerian Independent System Operator (NISO) and the Transmission Service Provider (TSP)—a major structural reform in the power sector.

Shettima: Nigeria Must Shift From Asset Sales to Asset Optimisation

Before granting approval, Vice President Shettima stressed the need for a complete overhaul of Nigeria’s privatisation philosophy.

He argued that Nigeria must transition from routine asset disposal to aggressive asset optimisation, leveraging concessions, asset-backed securitisation and core-investor partnerships tied to strict performance benchmarks.

“Our dream of building a trillion-dollar economy demands discipline, vision, and strict adherence to the compass shaped by this Council,” Shettima said.
“Nigeria’s underutilised land, dormant real estate and untapped intellectual property are vast reservoirs of national wealth.”

He also warned against procedural lapses in privatisation transactions, insisting on a zero-ambiguity, zero-litigation approach to protect investor confidence and strengthen Nigeria’s global economic credibility.

Council Members Weigh In

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, commended the BPE’s reform efforts and called for sustained alignment with global best practices.

Other contributors to the discussion included:

• Chief Adebayo Adelabu, Minister of Power
• Senator Atiku Bagudu, Minister of Budget and Economic Planning
• Lateef Fagbemi, SAN, Attorney-General of the Federation
• Olayemi Cardoso, Governor, Central Bank of Nigeria

The NCP’s decision is expected to accelerate full regularisation of the Afam power transaction and strengthen oversight of one of Nigeria’s most strategic power generation assets.