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The acquisition of a 60 p.c stake within the Abuja Electrical energy Distribution Firm (AEDC) by a consortium led by Transcorp together with pursuits in energy vegetation in Delta elevates Transnational Company to a serious participant in Nigeria’s energy sector with the group’s market capitalization in extra of N540bn.
In Could 2023, the Nationwide Council on Privatisation authorised the Transcorp-led Consortium, as a brand new strategic investor in Abuja Electrical energy Distribution Firm, bringing into the fold one in every of Nigeria’s energy distribution corporations. With over 15 p.c share of Nigeria’s put in energy technology capability, Transcorp strikes into the downstream worth chain with the acquisition of AEDC stake.
With this acquisition, the corporate will tackle the problem to revamp one in every of Nigeria’s strategic energy distribution corporations. Abuja DisCo with over 1.32million clients has as its franchise areas the Federal Capital Territory, Niger State, Kogi State, and Nassarawa State.
Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Energy Restricted, has been appointed by the Board of the AEDC, as the brand new Managing Director/CEO of AEDC. Previous to his appointment, Ezeafulukwe was the MD/CEO of Transcorp Energy Ltd, Ughelli, a 972-MW thermal plant.
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Beneath his management, Transcorp Energy Ltd has constantly led the Nigerian energy sector, turning into the primary successor energy firm from the 2013 energy privatization program, to be discharged from post-privatisation monitoring by the Nationwide Council on Privatization, having surpassed the expectations of the Council.
The Ughelli Energy plant, which Transcorp Group acquired through the privatisation of the facility sector in 2013, demonstrates the Group’s transformative prowess. The plant’s obtainable capability, which stood at 160MW on acquisition, elevated by 227 p.c to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise’s (BPE) five-year goal of 670MW.
Business insiders say with Ezeafulukwe’s confirmed capabilities and intensive expertise, he’ll play a pivotal position in rejuvenating AEDC, the provider of energy to the nation’s capital.
The group’s subsidiaries, together with Transafam Energy Restricted and Transcorp Inns Plc, house owners of Transcorp Hilton Abuja, have demonstrated continued worth creation and a dedication to creating each financial and social wealth. With a mixed market capitalization exceeding N540 billion, the Group continues to exhibit the Africapitalism philosophy of its Group Chair – Tony Elumelu.
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