Elumelu’s Transcorp Strengthens Influence with Acquisition of 60% Stake in AEDC

Transcorp Power Limited, leading a consortium, has successfully acquired a significant 60% stake in the Abuja Electricity Distribution Company (AEDC).

As part of this move, Christopher Ezeafulukwe has been appointed as the Managing Director and CEO of AEDC.

In an official statement, Transcorp Power emphasized that this strategic appointment aligns with its commitment to solidify its position in Nigeria’s power sector.

This development comes after the National Council on Privatisation granted approval to the Transcorp-led Consortium in May to become the new strategic investor in the Abuja Electricity Distribution Company.

This announcement was met with enthusiasm by investors and the market, as Transcorp Group has a proven track record of creating value, initiating business transformations, and upholding sound corporate governance principles.

Christopher Ezeafulukwe, prior to assuming the role of MD/CEO at AEDC, held the same position at Transcorp Power Ltd in Ughelli, overseeing a 972-MW thermal plant.

His leadership has propelled Transcorp Power Ltd to the forefront of the Nigerian power sector.

It was the first successor power company from the 2013 power privatization program to be released from post-privatization monitoring by the National Council on Privatization. The company exceeded the Council’s expectations.

Transcorp Group remains steadfast in its commitment to enhancing lives and driving societal transformation.

Its subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc, which owns Transcorp Hilton Abuja, continue to create value and contribute to both economic and social prosperity…[CONTINUE READING HERE]>>