sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: Transcorp-Led Consortium Acquires Majority Stake in Abuja Electricity Distribution Company

Wednesday 23 August 2023

Transcorp-Led Consortium Acquires Majority Stake in Abuja Electricity Distribution Company


A consortium led by Transcorp Group has secured a 60% stake in Abuja Electricity Distribution Company (AEDC). The decision, authorized by the National Council on Privatisation in May 2023, has positioned Transcorp Group as the fresh energy strategic investor in AEDC.

In a related development, the Board of the Abuja Electricity Distribution Company (AEDC) has appointed Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited, to lead the charge as the new Managing Director/CEO of AEDC.

Prior to joining AEDC, Christopher Ezeafulukwe was the MD/CEO of Transcorp Power Ltd.'s Ughelli, a strong 972-MW thermal plant. His leadership was critical in cementing Transcorp electricity Ltd.'s status as a consistent leader in Nigeria's electricity environment. Notably, the company was freed from post-privatization monitoring by the prestigious National Council on Privatisation, a witness to its exceptional performance and fulfilment of high expectations.

Transcorp Group’s transformative prowess is epitomized by the Ughelli Power plant, acquired during the 2013 power sector privatization initiative. The plant’s capacity burgeoned from an initial 160MW to a staggering 680.83MW within a mere four years, defying expectations and showcasing Transcorp’s unparalleled proficiency in shaping the power industry.

Christopher Ezeafulukwe’s appointment as AEDC’s leader holds immense promise. It is poised to infuse renewed vigor into the core of power supply to the nation’s capital, underscoring Transcorp Group’s commitment to enhancing livelihoods and catalyzing societal transformation.

This conglomerate, with influential subsidiaries like Transafam Power Limited and Transcorp Hotels Plc—owners of the iconic Transcorp Hilton Abuja—continually contributes to value creation. This dedication to economic and social prosperity is reflected in the conglomerate’s combined market capitalization of over N540 billion.

Transcorp Group represents tenacious leadership, unrelenting devotion, and revolutionary accomplishments in line with the Africapitalism concept championed by Group Chair Tony Elumelu. As it navigates Nigeria's power sector and broader economic landscape, its impact goes beyond financial measures, reverberating in the lives it touches and the society it lifts.

United Bank of Africa (UBA) took control of AEDC in December 2021 after Kann Consortium failed to meet its obligations over the $122 million debt owed to the bank.

Kann Consortium acquired a loan from UBA in 2013 to enable its acquisition of AEDC, giving it a 60 percent share in the Distribution Company.

The national council on privatisation approved Transcorp-led consortium as the preferred bidder for AEDC the plan in May 2023.

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