A consortium led by Transcorp Group has acquired 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 the Abuja Electricity Distribution Company
In a related development, Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited, has been entrusted by the Board of the Abuja Electricity Distribution Company (AEDC) to lead the charge as the new Managing Director/CEO of AEDC.
Christopher Ezeafulukwe, prior to his new role at AEDC, held the position of MD/CEO at Transcorp Power Ltd.’s Ughelli, a formidable 972-MW thermal plant. His leadership was instrumental in positioning Transcorp Power Ltd. as a consistent leader in Nigeria’s power landscape. Notably, the company achieved the distinction of being discharged from post-privatization monitoring by the esteemed National Council on Privatization—a testament to its outstanding performance and the fulfillment 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.
Aligned with the Africapitalism philosophy championed by Group Chair Tony Elumelu, Transcorp Group embodies indomitable leadership, unyielding commitment, and transformative accomplishments. As it continues to navigate Nigeria’s power sector and broader economic landscape, its influence extends beyond financial metrics, resonating through the lives it touches and the society it elevates.
In December 2021, United Bank of Africa (UBA) assumed control of AEDC due to the failure of its primary stakeholder, Kann Consortium, to meet its obligations regarding the $122 million debt owed to the bank.
Back in 2013, Kann Consortium had obtained a loan from UBA to facilitate its acquisition of AEDC, resulting in its ownership of a 60 percent stake in the Distribution Company.
In May 2023, the national council on privatisation approved the Transcorp-led consortium as the preferred bidder for AEDC.
