Following its acquisition of a 60 percent stake in Abuja Electricity Distribution Company, the Transcorp Group has appointed Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited, as the Managing Director/CEO of the DisCo.
The acquisition is seen as part of a strategic move by the Transcorp Group to consolidate its position in the power sector.
The strategic move that further consolidates Transcorp’s position within the Nigerian power sector began in May 2023 following the National Council on Privatisation’s approval of the Transcorp-led Consortium as the new strategic investor in the AEDC.
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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.
Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Limited, Ughelli, a 972-MW thermal plant.
Under his leadership, Transcorp Power Limited has consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatisation programme to be discharged from post-privatisation monitoring by the National Council on Privatisation, having surpassed the expectations of the Council.
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 stood at 160MW on acquisition, increased by 227 percent to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s five-year target of 670MW.
With Ezeafulukwe’s proven capabilities and extensive experience, he will play a pivotal role in rejuvenating the AEDC, the supplier of power to the nation’s capital, Abuja.
To prove that Transcorp Group’s commitment to improving lives and transforming societies remains resolute, 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. With a combined market capitalisation exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Chair, Tony Elumelu.
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