A consortium led by Transcorp Power Limited has acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC).
It also appointed Christopher Ezeafulukwe, as the Managing Director/CEO of AEDC.
In a statement yesterday, Transcorp Power stated that the appointment is a strategic move to further consolidate its position within the Nigerian power sector
“This follows the acquisition of a 60% stake in AEDC, by a Transcorp-led consortium.
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Recall the National Council on Privatisation approved the Transcorp-led Consortium, as the new strategic investor in Abuja Electricity Distribution Company in May.
“The news was received with great excitement by investors and the market, with Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.”
It added that prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW 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 program, to be discharged from post-privatisation monitoring by the National Council on Privatization, having surpassed the expectations of the Council.”
It added that Transcorp Group’s commitment to improving lives and transforming societies remains resolute as 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.
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