Transcorp Strengthens Its Foothold in Nigeria's Power Industry with Abuja DisCo Acquisition

Transcorp Power Ltd has solidified its presence within Nigeria's power sector by acquiring a significant 60% stake in Abuja Electricity Distribution Company (AEDC). This strategic maneuver aligns with Transcorp's objective of expanding its influence in the Nigerian power domain.

Christopher Ezeafulukwe, formerly the Managing Director/CEO of Transcorp Power Limited, has now assumed the role of Managing Director/CEO of AEDC following the acquisition. This transition marks a strategic move by Transcorp Group to further consolidate its interests in Nigeria's power sector.

Diversified Ventures of Transcorp Group

Transcorp Group, led by renowned entrepreneur Tony Elumelu, stands as a prominent Nigerian conglomerate with investments spanning hospitality, power, oil, and gas sectors. The acquisition of a majority stake in AEDC by the group adds another remarkable achievement to its portfolio.

Under Christopher Ezeafulukwe's leadership as MD/CEO of Transcorp Power Ltd, Ughelli—a robust 972-MW thermal plant—demonstrated consistent excellence within Nigeria's power sector. This accomplishment led Transcorp Power Ltd to become the first successor power company from the 2013 power privatization program to be released from post-privatization monitoring by the National Council on Privatization, exceeding expectations.

Elevating the Ughelli Power Plant

Transcorp Group's expertise shines through in its transformation of the Ughelli Power Plant, acquired during the 2013 power sector privatization. Over four years, the plant's capacity surged by an impressive 227%, reaching 680.83MW—surpassing the Bureau of Public Enterprises (BPE) five-year target of 670MW.

Given Christopher Ezeafulukwe's proven skills and extensive experience, his new role as MD/CEO of AEDC positions him to play a pivotal part in rejuvenating the power supplier for Nigeria's capital. His leadership aims to revitalize AEDC's operations and contribute to an enhanced power supply for the region.

Challenges in the Power Sector

AEDC, one of the 11 electricity distribution companies resulting from the 2013 sector privatization, has faced difficulties in improving power supply and financial sustainability. The change in ownership and management, marked by the acquisition by United Bank of Africa (UBA), reflects the ongoing efforts to tackle these issues.

Transcorp Group remains unwavering in its commitment to enhancing livelihoods and transforming societies. Its subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc (owner of Transcorp Hilton Abuja), consistently generate economic and social value. With a combined market capitalization exceeding N540 billion, the Group upholds the principles of Africapitalism, championed by Group Chair Tony Elumelu.