The National Council on Privatisation (NCP) has approved the Bureau of Public Enterprises’ (BPE) request to execute Performance Agreements with Transcorp Power Consortium for Afam Power Plc and Afam III Fast Power Limited. The agreements aim to regularise outstanding operational targets and conditions, ensuring the commercial viability of the plants and enabling mandatory post-privatisation monitoring of investor performance.

Chairman of the NCP, Vice President Kashim Shettima, called for a shift in Nigeria’s privatisation agenda from merely selling state-owned enterprises to optimising assets to drive the nation’s trillion-dollar economy ambition. He urged the Council to explore modern approaches such as long-term concessions, asset-backed securitisation, and performance-based investor agreements while stressing discipline, integrity, and efficiency in all transactions.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, commended the BPE team for its commitment to quality and best practices. The Council also reviewed other reforms in the power sector, including the unbundling of the Transmission Company of Nigeria into the Nigerian Independent System Operator and the Transmission Service Provider, as part of broader efforts to strengthen operational efficiency and transparency in the energy sector.