A consortium led by Transcorp has secured a 60 percent stake in the Abuja Electricity Distribution Company (AEDC), along with interests in power plants in Delta state.
This strategic maneuver propels Transnational Corporation to a prominent position within Nigeria’s power sector, with its market capitalization now exceeding N540 billion.
The momentous approval by the National Council on Privatisation in May 2023 has designated the Transcorp-led Consortium as the new strategic investor in the Abuja Electricity Distribution Company.
This decision ushers in a new era for one of Nigeria’s crucial power distribution companies. With a share of over 15 percent in the nation’s installed power generation capacity, Transcorp extends its influence into the downstream value chain through the acquisition of the AEDC stake.
This acquisition marks a significant undertaking as the company commits to revitalizing Abuja DisCo, a pivotal power distribution entity catering to over 1.32 million customers across franchise areas including the Federal Capital Territory, Niger State, Kogi State, and Nassarawa State.
Taking the helm of this transformative initiative is Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited.
The Board of AEDC has bestowed upon him the role of the new Managing Director/CEO, a well-deserved appointment considering Ezeafulukwe’s prior tenure as the MD/CEO of Transcorp Power Ltd, Ughelli – a remarkable 972-MW thermal plant.
Under Ezeafulukwe’s adept leadership, Transcorp Power Ltd has consistently spearheaded advancements in Nigeria’s power sector. Notably, it became the inaugural successor power company from the 2013 power privatization program to be released from post-privatisation monitoring by the National Council on Privatization, surpassing even the Council’s expectations.
Transcorp Group’s acquisition of the Ughelli Power plant in 2013 underscored the Group’s transformative capabilities. The plant’s capacity surged by an impressive 227 percent from 160MW to a staggering 680.83MW within just four years, exceeding the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
Transcorp Group’s subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc – owners of the esteemed Transcorp Hilton Abuja – consistently demonstrate a commitment to generating both economic and social value. The combined market capitalization of these endeavors surpasses N540 billion, in alignment with the Africapitalism philosophy championed by the Group’s Chair, Tony Elumelu.
