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Transcorp Acquires 60% Majority Stake in AEDC, Consolidating Tony Elumelu’s Power Play in Nigeria



  • Consortium led by Transcorp Group acquires 60% stake in AEDC 
  • Transcorp Power MD/CEO, Christopher Ezeafulukwe, appointed MD/CEO of AEDC 
  • Peter Ikenga, current CEO of Transcorp Energy, Succeeds Christopher Ezeafulukwe as MD of Transcorp Power. 
  • Transcorp Group’s market capitalization is more than N540bn 

In a remarkable strategic move that further cements Transcorp’s dominant position within Nigeria’s power sector, Christopher Ezeafulukwe, the capable and perceptive Managing Director/CEO of Transcorp Power Limited, has been appointed by the Board of the Abuja Electricity Distribution Company (AEDC) to take the helm as the new Managing Director/CEO of AEDC.

This significant development closely follows the acquisition of a substantial 60% ownership stake in AEDC by a consortium led by Transcorp Group.

In a decisive move that sent ripples through the market, the National Council on Privatisation granted its official endorsement to the Transcorp-led Consortium in May 2023, solidifying its role as the fresh strategic energy investor in the Abuja Electricity Distribution Company.

This development generated visible enthusiasm among investors and market enthusiasts, given Transcorp Group’s impeccable track record of engendering value, orchestrating business metamorphosis, and upholding robust corporate governance principles. 

Antecedent to his new post at the helm of AEDC, Christopher Ezeafulukwe held the reins as the enterprising MD/CEO of Transcorp Power Ltd.’s Ughelli, a formidable 972-MW thermal plant.

His leadership steered Transcorp Power Ltd into a consistent pole position in Nigeria’s power landscape. 

Remarkably, the company emerged as the pioneer successor power firm from the 2013 power privatization initiative to earn the coveted distinction of being discharged from post-privatization monitoring by the esteemed National Council on Privatization.

This accomplishment stands as a testament to surpassing the council’s lofty expectations. 

The Ughelli Power plant, which Transcorp Group deftly acquired during the power sector’s privatization drive in 2013, serves as a vivid testament to the group’s transformative prowess.

From an initial available capacity of 160MW upon acquisition, the plant underwent an astonishing 227% capacity augmentation within a span of four years, soaring to a remarkable 680.83MW.

This achievement not only defied the Bureau of Public Enterprise’s (BPE) five-year target of 670MW but also underscored Transcorp’s unmatched proficiency in reshaping the power industry landscapes.

Ezeafulukwe’s appointment as AEDC’s helmsman brims with promise, set to breathe renewed vitality into the nerve centre of power supply to the nation’s capital. 

Undeterred in its pursuit of enhancing livelihoods and catalyzing societal transformation, Transcorp Group stands unwavering in its commitment.

This multifaceted conglomerate boasts influential subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc, the proud proprietors of the iconic Transcorp Hilton Abuja.

These subsidiaries consistently contribute to value creation and underscore a steadfast dedication to fostering economic and social prosperity.

Underpinning this virtuous cycle, the combined market capitalization of the group surpasses a commendable N540 billion. 

In unity with the Africapitalism philosophy championed by the visionary Group Chair, Tony Elumelu, Transcorp Group’s narrative resonates as one of indomitable leadership, unwavering commitment, and transformative achievements.  

As the conglomerate continues to steer Nigeria’s power sector and broader economic landscape, its impact echoes not only through financial indices but also across the lives of those it touches and the society it elevates.