TRANSCORP GROUP BECOMES MAJORITY SHAREHOLDER IN ABUJA ELECTRICITY DISTRIBUTION COMPANY

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In a strategic maneuver that solidifies its position in the Nigerian power sector, the Transcorp Group, led by Tony Elumelu, has acquired a 60% stake in the Abuja Electricity Distribution Company (AEDC). This move establishes Transcorp as the principal shareholder in the utility firm.

With the successful acquisition, 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 MD and CEO of AEDC.

This development was revealed in a statement released to the press. The National Council on Privatisation (NCP) had earlier endorsed the Transcorp-led Consortium as the new strategic investor in AEDC in May 2023. This decision was greeted with enthusiasm by both investors and the market, acknowledging Transcorp Group’s track record in value creation, business transformation, and robust corporate governance practices within the power sector.

Notably, Transcorp Group’s collective market capitalization exceeds N540 billion, a testament to the Group’s adherence to the Africapitalism philosophy advocated by its Chair, Elumelu.

Christopher Ezeafulukwe, prior to assuming the role of MD/CEO at AEDC, held the same position at Transcorp Power Ltd, Ughelli, a 972-megawatt thermal plant. Under his leadership, Transcorp Power Ltd achieved significant milestones, becoming the first successor power company from the 2013 power privatization program to be released from post-privatization monitoring by the NCP. The Ughelli Power plant, acquired by Transcorp Group during the 2013 power sector privatization, demonstrated the Group’s transformative capabilities. The plant’s available capacity grew by 227%, exceeding the Bureau of Public Enterprise’s five-year target.

With Ezeafulukwe’s expertise and experience, Transcorp anticipates that he will play a pivotal role in revitalizing AEDC, which supplies power to the nation’s capital.

Transcorp Group also announced the appointment of Peter Ikenga, the current CEO of Transcorp Energy, as the MD of Transcorp Power. The Group reaffirmed its unwavering commitment to enhancing lives and creating positive impact on societ.

Among its subsidiaries, Transafam Power Limited and Transcorp Hotels Plc, the owner of Transcorp Hilton Abuja, have consistently demonstrated value creation and a steadfast dedication to fostering economic and social prosperity.

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