Transnational Corporation Plc (Transcorp), owned by businessman, Mr. Tony Elumelu, has acquired a 60% stake in Abuja Electricity Distribution Company (AEDC).
In May 2023, the Federal Government, through the National Council on Privatisation (NCP), approved the acquisition of Abuja Electricity Distribution Company (AEDC) by the Transcorp Group Consortium.
Following the acquisition, Christopher Ezeafulukwe was appointed as Managing Director/Chief Executive Officer (MD/CEO) of AEDC.
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 Ezeafulukwe’s 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.
“The plant’s available capacity, which stood at 160MW on acquisition, increased by 227% to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW,” a statement seen by Newsbreak Nigeria read.
Peter Ikenga, CEO of Transcorp Energy, is expected to succeed Ezeafulukwe as MD of Transcorp Power.
In June 2023, Tony Elumelu and his family upped their stake in Transnational Corporation Plc (Transcorp) to more than one-third, taking their combined interest in the conglomerate to 14.6 billion shares.