The Tony Elumelu-led Transcorp Group, has moved to further strengthen its leadership position in Nigeria’s power sector.
This is with the appointment of Christopher Ezeafulukwe as managing director and chief executive officer of Abuja Electricity Distribution Company (AEDC).
The appointment follows the acquisition of 60% stake in AEDC by a Transcorp-led consortium with the approval of the Nigerian Electricity Regulatory Commission (NERC).
Prior to his appointment as the MD/CEO of AEDC, Mr Ezeafulukwe held the same position at Transcorp Power Ltd with a 972MW-capacity thermal power plant in Ugheli, Delta State.
Chief executive officer of Transcorp Energy Peter Ikenga is expected to succeed Ezeafulukwe as MD/CEO of Transcorp Power.
Under Ezeafulukwe’s leadership, Transcorp Power Ltd became the first successor power company from the 2013 power privatisation program, to be discharged from post-privatisation monitoring by the National Council on Privatization (NCP), 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.
Its available capacity, which stood at 160MW on acquisition, increased by 227% to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
With his proven capabilities and extensive experience, Ezeafulukwe will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.
The NCP in May 2023 approved the Transcorp-led consortium as the new strategic investor in AEDC.
Investors and the market reacted positively to the approval, siting Transcorp Group’s track record in value creation, business transformation and sound corporate governance practices.
Transcorp consistently displays its 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 chairman Mr. Elumelu.
