With its acquisition of 60 per cent stake in the Abuja Electricity Distribution Company (AEDC), the Transcorp Group, chaired by billionaire investor, banker and philanthropist, Mr. Tony Elumelu, is already consolidating its position in Nigeria’s power sector.
To further consolidate this strategic move, the Managing Director and Chief Executive Officer (MD/CEO) of Transcorp Power, Christopher Ezeafulukwe, has been appointed the MD/CEO of AEDC.
Peter Ikenga, current CEO of Transcorp Energy, has been appointed to succeed Ezeafulukwe.
Freedom Online learned that 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 (AEDC).
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.
When he was MD/CEO, Transcorp Power Ltd. 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.
A senior official told Freedom Online that 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.
The official said Transcorp Group’s “commitment to improving lives and transforming societies remains resolute”.
“Our 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.
“Our Group, chaired by Mr. Tony Elumelu, has a combined market capitalization exceeding N540 billion”.
