In an announcement made today by the Nigerian Stock Exchange [see here], it was confirmed that Transnational Corporation of Nigeria Plc (Transcorp) have signed an agreement with General Electric (GE) to collaborate in addressing the infrastructural challenges of Nigeria with respect to power and transportation. Under the arrangement, GE will facilitate the generation of 10,000MW of additional power in Nigeria over the next decade in line with its existing agreement with the Federal Government of Nigeria (FGN), signed in March 2012.
It will be recalled that Transcorp Ughelli Power Plc (TUP), a subsidiary of Transcorp, won the privatization bid for 100 percent acquisition of the Ughelli power plant.
The wide ranging agreement allows for the provision of technical support and equity investment in the power plant. Other areas of collaboration between Transcorp and GE include projects in the transport sector, specifically in the area of rail.