The National Council on Privatisation has approved a request from the Bureau of Public Enterprises to finalise performance agreements for the sale of Afam Power assets to the Transcorp Power Consortium. Vice President Kashim Shettima, chairing the meeting, urged a shift towards asset optimisation in Nigeria's privatisation efforts. The approval aims to ensure the commercial viability of the power plants.
At its third meeting of the year held at the Presidential Villa in Abuja on November 13, 2025, the National Council on Privatisation (NCP), chaired by Vice President Kashim Shettima, approved a memo from Bureau of Public Enterprises (BPE) Director-General Ayodeji Gbeleyi. The approval allows the BPE to conclude engagements with the Transcorp Power Consortium for executing Performance Agreements (PAs) related to the sale of Afam Power Plc and Afam III Fast Power Limited.
The Federal Government completed the sale of these assets, realising N53.9 billion in privatisation proceeds. Although the assets have been fully handed over to the consortium, the transaction structure was recently reviewed and revalidated. Executing the PAs, a standard in Nigeria's power-sector privatisations, will enable the BPE to monitor the investor's obligations, including capacity expansion and operational efficiency, to regularise outstanding post-acquisition conditions and ensure commercial viability.
Shettima emphasised the need for a paradigm shift in privatisation strategy, moving from mere divestment of state-owned enterprises to deliberate asset optimisation as a pathway to Nigeria's trillion-dollar economy goal. He described the NCP as the economic compass guiding national investment and policy, calling for a disciplined and visionary approach.
Gbeleyi also informed the council that the unbundling of the Transmission Company of Nigeria (TCN) into the Nigerian Independent System Operator (NISO) and Transmission Service Provider (TSP) was completed this year.