Transcorp Acquires 60% Stake In Abuja Disco
As part of measures to further consolidates its position and investments in the Nigerian power sector, Tony Elumelu-led Nigerian conglomerate, Transcorp Group, has successfully acquired a 60-per cent stake in the Abuja Electricity Distribution Company (AEDC), thus becoming the majority shareholder in the utility firm.
Following the acquisition of the 60 per cent stake in AEDC, by a Transcorp-led consortium, the Board of the Abuja Disco has announced the appointment of Christopher Ezeafulukwe, the Managing Director and Chief Executive Officer of Transcorp Power Limited as the new Managing Director and Chief Executive Officer of AEDC.
In May 2023, the National Council on Privatisation (NCP) had approved the Transcorp-led Consortium, as the new strategic investor in AEDC.
The NCP had noted Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices within the power sector.
However, with a combined market capitalisation exceeding N540 billion, the Group has continued to demonstrate the Africapitalism philosophy of its Group Chair, Elumelu.
Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-megawatts 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 NCP, 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 per cent to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
With Ezeafulukwe’s proven capabilities and extensive experience, Transcorp expressed optimism that he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.
Transcorp group also announced the appointment of the current CEO of Transcorp Energy, Peter Ikenga as the MD of Transcorp Power, adding that its commitment to improving lives and transforming societies remained resolute.
The group’s subsidiaries including 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.