Tony Elumelu’s Transcorp Power Acquires 60% of Abuja DisCo
- Transcorp-led consortium now owns a 60% stake in Abuja Electricity Distribution Company
- The company led by Tony Elumelu took over AEDC over the inability of its major stakeholder
- Christopher Ezeafulukwe will lead AEDC as Managing Director and Chief Executive Officer
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Transcorp-led consortium has purchased a 60% stake in Abuja Electricity Distribution Company (AEDC).
This is coming after the major investor of Ughelli Power Plant was issued a discharge certificate by the Federal Government of Nigeria.
Source: UGC
Legit.ng also recently reported that the Transnational Corporation Plc announced its financial results for the year's first half, ending June 30, 2023, recording impressive growth delivering N82 billion in the first half of 2023.
According to the new report, Christopher Ezeafulukwe was chosen to lead AEDC as managing director and chief executive officer (MD/CEO) following the acquisition.
Ezeafulukwe crucial for revival of AECD
According to a TheCable report, Ezeafulukwe, who is presently the MD/CEO of Transcorp Power Limited, will be crucial to the revival of AEDC, the company that provides electricity to the capital of the country.
Ezeafulukwe previously served as the MD/CEO of Transcorp Power Ltd., Ughelli, a 972-MW thermal plant, before being appointed as the MD/CEO of AEDC.
As the first successor power company from the 2013 power privatisation programme to be released from post-privatization monitoring by the National Council on Privatisation after exceeding the Council's expectations, Transcorp Power Ltd. has consistently led the Nigerian power sector under his leadership.
Development shows transformative prowess
A statement by the company pointed out that the Ughelli Power plant, which Transcorp Group acquired during the privatisation of the power sector in 2013, demonstrates the Group’s transformative prowess.
The plant's available capacity, which was 160 MW when it was acquired, expanded by 227% to 680.83 MW in just four years, exceeding the Bureau of Public Enterprises (BPE) 6-70 MW 5-year objective.
AEDC was taken over by the United Bank of Africa (UBA) in December 2021 because Kann Consortium, its largest shareholder, could not pay the bank the $122 million debt it owed.
In 2013, Kann Consortium purchased AEDC with a loan from UBA, giving it a 60% ownership position in the DisCo.
However, the bank announced in April 2023 that it would sell AEDC to pay off the $122 million loan.
The Transcorp-led group received approval from the national council on privatisation to be the preferred bidder for AEDC in May 2023.
Transcorp Power CEO Ezeafulukwe Says Digital Payments Reshaping Nigeria's Power Sector
Legit.ng earlier reported that Christopher Ezeafulukwe, the Managing Director and CEO of Transcorp Power Ltd, highlighted digital payments' transformative power in Nigeria's power sector.
Speaking at the recent Power & Water Nigeria Exhibition & Conference in a panel discussion titled "the evolving industry landscape to manage liquidity and boost secured digital payments", Ezeafulukwe noted that the proliferation of digital payments in the sector is helping to improve liquidity and address consumer concerns.
The Transcorp Power CEO also explained that the flow of electricity starts with Generation Companies (Gencos) selling electricity to the Nigerian Bulk Electricity Trading Plc (NBET), which then sells it to Distribution Companies (Discos).
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Source: Legit.ng
