In a strategic move, that further consolidates Transcorp’s position within the Nigerian power sector, 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. This follows the acquisition of 60% stake in AEDC, by a Transcorp led consortium.
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 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 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.
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.
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 chair, Tony Elumelu.
In December 2021, United Bank of Africa (UBA) took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed to the bank.
Kann Consortium had secured a loan from UBA to acquire AEDC in 2013, making it hold a 60 percent stake in the DisCo.
However, in April 2023, the bank said it would sell AEDC to recover the $122 million debt.
In May 2023, the national council on privatisation approved the Transcorp-led consortium as the preferred bidder for AEDC.
