60 percent stake of Abuja Electricity Distribution Company (AEDC) has been acquired by a consortium led by Transcorp Power Limited.
Additionally, Christopher Ezeafulukwe was appointed to serve as AEDC’s Managing Director and CEO.
Transcorp Power said in a statement yesterday that the appointment is a strategic move to strengthen its position within the Nigerian power market.
“This follows the acquisition of a 60% stake in AEDC, by a Transcorp-led consortium.
Recall that the Transcorp-led Consortium was approved by the National Council on Privatization in May to become the new strategic investor in the Abuja Electricity Distribution Company.
“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.”
Transcorp Hotels Plc, which owns the Transcorp Hilton Abuja, and Transafam Power Limited have both shown continued value creation and a commitment to generating both economic and social wealth, the statement continued, demonstrating the group’s commitment to bettering people’s lives and transforming societies.
Ada Peter
