Elumelu’s Transcorp consolidates position in power sector, acquires 60% stake in Abuja Disco

 

.Appoints MDs for Disco, Transcorp Power

 

 

In a strategic move and to further consolidates Transcorp’s position in the Nigerian power sector, a consortium led by Transcorp Group has acquired 60 per cent stake in Abuja Electricity Distribution Company (AEDC)

 

Consequently, Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited, has been appointed by the Board of the Abuja Electricity Distribution Company (AEDC) Board, as the new Managing Director/CEO of AEDC.

 

 

Elumelu’s Transcorp consolidates position in power sector, acquires 60% stake in Abuja Disco

FG gives N5bn to each state as palliatives

NNPC secures $3bn from AFRIEXIM to stabilize the naira

One dies, three missing as transit drilling rig capsized in Delta State

 

Nigeria’s Forcados crude oil exports resumes, as Brent crude hits $82.42 a barrel

Recalled that in May 2023, the National Council on Privatisation approved the Transcorp-led Consortium, as the new strategic investor in Abuja Electricity Distribution Company.  The news was received with great excitement by investors and the market, noting Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.

 

Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Limited, Ughelli, a 972-MW thermal plant.

 

Under his leadership, Transcorp Power Limited has consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization program, to be discharged from post-privatisation monitoring by the National Council on Privatization, having surpassed the expectations of the Council.

 

The Ughelli Power plant, which Transcorp Group acquired during the privatisation of the power sector in 2013, demonstrates the Group’s transformative prowess.

 

The plant’s available capacity, which stood at 160MW on acquisition, increased by 227% to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.

 

With Ezeafulukwe’s proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.

 

AEDC is one of 11 electricity distribution companies that emerged from the 2013 privatisation of the sector.

 

Since 2013, the AEDC, like most other distribution companies, has struggled to improve power supply to its consumers and failed to break even.

 

In December 2021, the then Minister of Power, Abubakar Aliyu, said United Bank of Africa (UBA), lenders to the majority shareholder at AEDC, had taken over the electricity firm after a feud over its ownership had deteriorated.

 

With this, Peter Ikenga, current Chief executive officer, Transcorp Energy, succeeds Christopher Ezeafulukwe as Managing Director of Transcorp Power. Currently, Transcorp Group’s market capitalization in excess of N540 billion

 

“Transcorp Group’s commitment to improving lives and transforming societies remains resolute.  The Group’s subsidiaries, include Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja, have demonstrated continued value creation and a dedication to creating both economic and social wealth.  With a combined market capitalization exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Group Chairman, Tony Elumelu.