A consortium of investors led by Transcorp Power Limited has successfully acquired a significant 60% stake in the Abuja Electricity Distribution Company (AEDC), a crucial power provider for the Federal Capital Territory – Abuja. This move is poised to bring new energy to the power sector, with Christopher Ezeafulukwe, the current MD/CEO of Transcorp Power Limited, taking on the role of Managing Director/Chief Executive Officer (MD/CEO) at AEDC.
Ezeafulukwe’s appointment is anticipated to play a pivotal role in rejuvenating AEDC and enhancing its service to the capital city. Prior to his new position, he served as the MD/CEO of Transcorp Power Ltd, Ughelli, which operates a 972-MW thermal plant. Under Ezeafulukwe’s leadership, Transcorp Power Ltd has consistently led Nigeria’s power sector, achieving significant milestones and surpassing expectations.
The Ughelli Power plant, acquired by Transcorp Group during the 2013 power privatization program, serves as a testament to the group’s transformative capabilities. Since its acquisition, the plant’s available capacity has increased by an impressive 227%, reaching 680.83MW within four years and surpassing targets set by the Bureau of Public Enterprise (BPE).
As Ezeafulukwe transitions to his new role at AEDC, Peter Ikenga, CEO of Transcorp Energy, is expected to succeed him as the MD of Transcorp Power. This seamless leadership succession ensures the continued momentum and expertise within Transcorp’s power ventures.
The acquisition of AEDC by the Transcorp-led consortium marks a significant development in the power sector’s landscape. The move follows the transfer of ownership from United Bank of Africa (UBA) in December 2021, which took over AEDC due to the inability of its major stakeholder, Kann Consortium, to service a $122 million debt owed to the bank. UBA’s decision to sell AEDC for debt recovery was approved by the national council on privatization in May 2023, paving the way for Transcorp Power Limited and its consortium to take the reins.
