A Group of Investors led by Transcorp Power Limited has acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC).
According to reports, Christopher Ezeafulukwe, the current MD/CEO of Transcorp Power Limited, will now take on the role of Managing Director/Chief Executive Officer (MD/CEO) at AEDC.
Ezeafulukwe’s appointment is expected to be instrumental in revitalizing AEDC, which is the primary power provider for Federal Capital Territory – Abuja.
Here’s an excerpt from the statement:
- “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-privatization monitoring by the National Council on Privatization, having surpassed the expectations of the Council.
- “The Ughelli Power plant, which Transcorp Group acquired during the privatization of the power sector in 2013, demonstrates the Group’s transformative prowess.
- “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.”
Peter Ikenga, CEO of Transcorp Energy, is expected to succeed Ezeafulukwe as MD of Transcorp Power.
Back Story
In December 2021, United Bank of Africa (UBA) took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed to the bank.
Kann Consortium had secured a loan from UBA to acquire AEDC in 2013, making it hold a 60 percent stake in the DisCo.
However, in April 2023, the bank said it would sell AEDC to recover the $122 million debt.
In May 2023, the national council on privatization approved the Transcorp-led consortium as the preferred bidder for AEDC.