In a strategic bid to consolidate its position in the nation’s power sector, the Transcorp Group-led consortium has acquired 60 per cent stake in the Abuja Electricity Distribution Company (AEDC).
Transcorp Group is chaired by Mr. Tony Elumelu.
The Star learnt that Christopher Ezeafulukwe has been appointed Managing Director/CEO of AEDC by the Board.
Peter Ikenga, the current CEO of Transcorp Energy has been appointed Managing Director of Transcorp Power.
The National Council on Privatisation (NCP) had in May 2023 approved the Transcorp-led consortium, as the new strategic investor in Abuja Electricity Distribution Company.
Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant.
Under his leadership, Transcorp Power Ltd. has consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization programme, 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 available capacity, which stood at 160MW on acquisition, increased by 227% to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
The Group believes that 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.
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Transcorp Group’s commitment to improving lives and transforming societies remains resolute.
The Group’s subsidiaries, which 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.
The Group has a combined market capitalization exceeding N540 billion.
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