How Transcorp Secures a 60% Ownership Interest in Abuja DisCo 
Home News How Transcorp Secures a 60% Ownership Interest in Abuja DisCo 
News - August 18, 2023

How Transcorp Secures a 60% Ownership Interest in Abuja DisCo 

In an effort to strengthen its foothold within the Nigerian power industry, Transnational Corporation (Transcorp) Plc has successfully obtained a 60 percent equity stake in Abuja Electricity Distribution Company (AEDC), which stands as one of the eleven electricity distribution companies (DisCos) in Nigeria.

At the same time, the leadership of AEDC has designated Christopher Ezeafulukwe, the current Managing Director/CEO of Transcorp Power Limited, to assume the role of Managing Director/CEO for AEDC.

Ezeafulukwe is expected to enhance investments aimed at enhancing the electricity supply to residences, enterprises, and governmental establishments in the Federal Capital Territory, as well as the states of Niger, Kogi, and Nasarawa.

Ezeafulukwe’s past position at Transcorp

Before assuming the role of MD/CEO at AEDC, Ezeafulukwe held the position of MD/CEO at Transcorp Power Ltd, Ughelli, overseeing a 972-MW thermal power plant.

Under his guidance, Transcorp Power Limited has consistently taken the forefront in the Nigerian power sector. As the initial successor power company from the 2013 power privatization initiative, it achieved a significant milestone by being relieved from post-privatization oversight by the National Council on Privatization. This accomplishment reflects the company’s exceeding of the Council’s expectations.

UBA acquired AEDC

In December 2021, the United Bank of Africa (UBA) assumed control of AEDC due to the failure of its primary stakeholder, Kann Consortium, to fulfill its obligation of repaying the $122 million debt owed to the bank.

In 2013, Kann Consortium procured a loan from UBA to facilitate its acquisition of AEDC, subsequently attaining a 60 percent ownership stake in the company.

In April 2023, the National Council on Privatisation approved the bank’s strategy of selling AEDC to recoup the $122 million debt. This decision led to the rise of the Transcorp-led Consortium as the fresh strategic investor for AEDC.

In a notification released on the Nigerian Exchange (NGX), Transcorp pointed out, “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.”

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