In a significant move aimed at making a mark in the Nigerian power sector, the Transcorp Group has led a consortium to acquire a 60% stake in the Abuja Electricity Distribution Company (AEDC) through its energy subsidiary, Transcorp Power. This move underscores the Transcorp Group’s commitment to improving the Nigerian power sector and taking on new frontiers in one of Nigeria’s promising industries.
The Transcorp Group’s executives have also been appointed to key positions within the AEDC. Christopher Ezeafulukwe, the Managing Director/Chief Executive Officer of Transcorp Power, has become the head of the AEDC board as the new MD/CEO. In addition, Peter Ikenga, the current CEO of Transcorp Energy, will succeed Ezeafulukwe as the MD of Transcorp Power Ltd.
The Transcorp Group’s investment in the power sector has been well received by industry leaders, stakeholders, and observers. The company’s strong business operations, corporate governance, and leadership are seen as valuable assets that can bring about positive changes in the power sector and enhance service quality.
With a market capitalization of over N540 billion, the Transcorp Group’s investment in AEDC is seen as a strategic move to reposition the power sector and improve its potential for quality service delivery.
Transcorp Power Ltd, part of the Transcorp Group, has been a frontrunner in the Nigerian power sector. The Ughelli Power plant, a major power investment of Transcorp Group, saw its capacity increase significantly under the leadership of Christopher Ezeafulukwe. This history of value creation and transformative prowess makes the Transcorp Group a potential game-changer in the AEDC and the power sector at large.
Led by Chairman Tony Elumelu, the Transcorp Group is known for its commitment to improving various aspects of society, including education, environment, empowerment, and entrepreneurship. This investment in AEDC could become a strategic move that reshapes the industry, bringing reputable and effective management to a sector in need of transformation.