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In an effort to strengthen its foothold inside the Nigerian energy business, Transnational Company (Transcorp) Plc has efficiently obtained a 60 p.c fairness stake in Abuja Electrical energy Distribution Firm (AEDC), which stands as one of many eleven electrical energy distribution corporations (DisCos) in Nigeria.
On the identical time, the management of AEDC has designated Christopher Ezeafulukwe, the present Managing Director/CEO of Transcorp Energy Restricted, to imagine the position of Managing Director/CEO for AEDC.
Ezeafulukwe is anticipated to boost investments geared toward enhancing the electrical energy provide to residences, enterprises, and governmental institutions within the Federal Capital Territory, in addition to the states of Niger, Kogi, and Nasarawa.
Ezeafulukwe’s previous place at Transcorp
Earlier than assuming the position of MD/CEO at AEDC, Ezeafulukwe held the place of MD/CEO at Transcorp Energy Ltd, Ughelli, overseeing a 972-MW thermal energy plant.
In April 2023, the Nationwide Council on Privatisation sanctioned the financial institution’s proposal to promote AEDC with a view to recuperate the excellent $122 million debt. This pivotal resolution led to the rise of the Transcorp-led Consortium, which assumed the mantle of the brand new strategic investor for AEDC.
Transcorp underscored this vital improvement in a notification posted on the Nigerian Trade (NGX). The assertion highlighted, “Given Ezeafulukwe’s well-established competencies and huge experience, he’ll assume a central position in revitalizing AEDC, the important thing electrical energy supplier to the nation’s capital.”
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