A significant stride in Nigeria’s power landscape has been achieved as Transnational Corporation, at the helm of a consortium, secures a 60% stake in the Abuja Electricity Distribution Company (AEDC) and stakes in Delta power plants.

This momentous development propels Transcorp into a prominent role within the country’s power sector, underlined by a commanding market capitalization exceeding N540 billion.

In a pivotal move approved by the National Council on Privatisation in May 2023, the Transcorp-led consortium has been embraced as the strategic investor for Abuja Electricity Distribution Company, effectively encompassing one of Nigeria’s key power distribution entities.

AEDC

With an impressive share of over 15% in the nation’s installed power generation capacity, Transcorp forays into the downstream segment, solidified by its acquisition of AEDC’s stake.

This strategic acquisition enlists Transcorp to undertake the formidable task of revitalizing Abuja DisCo, a cornerstone power distribution company servicing a substantial customer base of 1.32 million across franchise areas encompassing the Federal Capital Territory, Niger State, Kogi State, and Nassarawa State.

Appointed by the AEDC Board, Christopher Ezeafulukwe, the astute Managing Director/CEO of Transcorp Power Limited, assumes the role of Managing Director/CEO for AEDC.

Ezeafulukwe’s distinguished leadership has been demonstrated at Transcorp Power Ltd, Ughelli – a formidable 972-MW thermal plant.

His tenure at Transcorp Power Ltd has been marked by exceptional achievement, culminating in being the pioneer successor power company from the 2013 power privatization initiative to be relieved from post-privatization monitoring by the National Council on Privatization, exceeding set benchmarks.

Evidencing the transformative acumen of the Transcorp Group, the Ughelli Power plant, acquired during the 2013 power sector privatization, exhibited remarkable growth.

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In four years, its operational capacity surged by a staggering 227%, ascending from 160MW to an impressive 680.83MW, surpassing the Bureau of Public Enterprise’s (BPE) ambitious five-year target of 670MW.

Renowned industry insiders anticipate Ezeafulukwe, endowed with his proven prowess and extensive experience, to wield a pivotal role in the reinvigoration of AEDC, a pivotal power supplier to the nation’s capital.

The Transcorp Group’s subsidiary arms, encompassing Transafam Power Limited and Transcorp Hotels Plc, notable for their ownership of Transcorp Hilton Abuja, have consistently demonstrated value creation and a steadfast commitment to fostering both economic and societal prosperity.

As a collective force with a combined market capitalization exceeding N540 billion, the Group remains steadfast in embodying the Africapitalism philosophy advocated by its Group Chair, Tony Elumelu.