Chairman of Transcorp Power Limited, Tony Elumelu is not happy and has revealed that a whopping N90 billion debt is owed Transcorp Power.

He said such debt has the tendency to hamper growth in the power sector. “If they’re owing you that kind of money, it affects your ability to do more and more importantly, slows your enthusiasm.”

However, Nigeria’s national grid will increase by 700 megawatts (MW) as Transcorp Power Limited has pledged to invest as much as $2.5 billion in power projects across the country.

Elumelu said the company is ready to “spend a lot of money” on the 987MW capacity Afam Power Plant which is up for privatisation.

On March 15, the company along with two others, had launched a bid for Afam Power Plant which operates a natural-gas-fired power generation facility in Rivers state.

He said If Transcorp Power successfully acquires the facility, the firm’s daily power output will increase by 700MW, adding 1400MW to the national grid.

“We’ve expressed interest in the acquisition of Afam power plant, which we’re going to spend a lot of money on. It’ll give us 1,400 megawatts and we can do more.”