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In its move to further strengthen the Nigerian power sector, the Managing Director/CEO of Transcorp Power Limited, Christopher Ezeafulukwe, has been appointed by the Board of the Abuja Electricity Distribution Company (AEDC) Board, as the new Managing Director/CEO of AEDC.
This follows the acquisition of 60% stake in Abuja Electricity Distribution Company (AEDC) AEDC, by a Transcorp-led consortium.
Transcorp Power Limited has proven its mettle as a company in Nigeria’s power sector.
Recall that In May 2023, the National Council on Privatization (NCP) approved the Transcorp-led Consortium, as the new strategic investor in Abuja Electricity Distribution Company. The news was received with great excitement by investors and the market, noting Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.
Serial entrepreneur and proponent of Africapitalism, Mr. Tony Elumelu is the Group Chairman of Transcorp. Elumelu is also the Group Chairman of UBA Plc and Founder of Tony Elumelu Foundation.
With the acquisition which is in line with Transcorp Group’s commitment to improving lives and transforming societies, the Board of AEDC has appointed the Managing Director/CEO of Transcorp Power Limited, Christopher Ezeafulukwe, as the new Managing Director/CEO of AEDC.
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 TranscoGroup 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 (BPEfive-year target of 670MW. With Ezeafulukwe's proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the
supplier of power to the nation’s capital.
Transcorp Group's commitment to improving lives and transforming societies remains resolute. The Group’s subsidiaries, include Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja,have demonstrated continued value creation and a dedication to creating both economic and social wealth. With a combined market capitalization exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Group Chair – Tony Elumelu.
In a notice published on the Nigerian Exchange(NGx) today, Transcorp noted that, “With Ezeafulukwe’s proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.
“Transcorp Group’s commitment to improving lives and transforming societies remains resolute,” The company noted.
The Group’s subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja have demonstrated continued value creation and a dedication to creating both economic and social wealth.
Transcorp Group has a combined market capitalization exceeding N540 billion.
