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Elumelu’s Transcorp acquires 60% stake in Abuja Disco, appoints new CEO for AEDC, Transcorp Power

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Transcorp Group has taken a significant stride in consolidating its presence within Nigeria’s power sector as Christopher Ezeafulukwe, the Managing Director and CEO of Transcorp Power Limited, assumes a new role as the Managing Director and CEO of Abuja Electricity Distribution Company (AEDC).

A statement by the local conglomerate said this transition follows the successful acquisition of a controlling 60 percent stake in AEDC by a consortium led by Transcorp.

The development, marking a strategic move for Transcorp, underscores its deepening involvement in Nigeria’s energy landscape.

The announcement comes after the National Council on Privatization (NCP) granted approval to the Transcorp-led Consortium to become the strategic investor in the Abuja Electricity Distribution Company earlier this year.

The news was met with enthusiasm from investors and the market, who recognized Transcorp Group’s established record of value creation, adept business transformation, and robust corporate governance practices.

Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe held the position of MD/CEO at Transcorp Power Ltd., Ughelli, where he oversaw the operations of a 972-MW thermal power plant.

His leadership was instrumental in positioning Transcorp Power Ltd. as a frontrunner in Nigeria’s power sector.

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The company became the first successor power company from the 2013 power privatization program to be released from post-privatization monitoring by the NCP.

Ezeafulukwe’s leadership led the Ughelli Power Plant, a Transcorp Group acquisition in 2013, to remarkable achievements.

The plant’s available capacity surged by an impressive 227 percent, growing from 160 MW to 680.83 MW in just four years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670 MW.

With this track record, Ezeafulukwe is poised to play a pivotal role in revitalizing AEDC, a key supplier of power to Nigeria’s capital city.

Transcorp Group remains steadfast in its commitment to uplift lives and transform societies. Its subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc, which owns the iconic Transcorp Hilton Abuja, consistently demonstrate a dedication to creating economic and social value.

With a combined market capitalization exceeding N540 billion, Transcorp Group continues to exemplify the principles of Africapitalism espoused by its Chairman, Tony Elumelu.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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