Transcorp Group Takes Charge at Abuja Disco: Ezeafulukwe Steps In as New MD/CEO
In a strategic maneuver that underscores its commitment to bolstering Nigeria’s power sector, the Transcorp Group, led by visionary Tony Elumelu, has triumphantly secured a commanding 60-percent share in the Abuja Electricity Distribution Company (AEDC). This audacious move instantly catapults the conglomerate into the role of majority stakeholder in the pivotal utility company.
With the acquisition of the 60-percent stake in AEDC, Transcorp Group has further solidified its commitment to the “Africapitalism” ethos championed by its esteemed Group Chair, Elumelu. The group’s collective market capitalisation, eclipsing a staggering N540 billion, remains an attestation to its unfaltering dedication to creating both economic and social wealth.
Ezeafulukwe, prior to his new appointment, capably helmed Transcorp Power Ltd’s Ughelli thermal plant, boasting an impressive 972-megawatt capacity. Under his judicious leadership, the plant played a pivotal role as the inaugural successor power company liberated from post-privatisation monitoring by the NCP. Notably surpassing the Council’s expectations, Ezeafulukwe’s transformative prowess was particularly evident through the exponential increase in the Ughelli Power plant’s capacity from 160MW to a staggering 680.83MW within a mere four years.
Embracing Ezeafulukwe’s proven competencies and extensive experience, Transcorp Group anticipates that he will emerge as a linchpin in revitalizing AEDC’s operations as the bedrock of power supply to Nigeria’s capital. As part of its comprehensive realignment strategy, Transcorp Group has also disclosed the appointment of Peter Ikenga, the current CEO of Transcorp Energy, as the Managing Director of Transcorp Power. This dual announcement reinforces the conglomerate’s unwavering commitment to not only enhancing the quality of lives but also catalyzing societal transformation.
The success stories of Transafam Power Limited and Transcorp Hotels Plc, including their prestigious ownership of the Transcorp Hilton Abuja, serve as further testament to the group’s indelible mark on the landscape of value creation and prosperity.
- Dominant Stake Acquisition: The Transcorp Group, a prominent Nigerian conglomerate overseen by Tony Elumelu, has made a shrewd and substantial acquisition of a 60-percent stake in the Abuja Electricity Distribution Company (AEDC). This acquisition substantiates Transcorp’s stronghold in the Nigerian power sector, positioning it as the preeminent shareholder in the indispensable utility firm.
- Ezeafulukwe Takes the Helm: Following this resounding acquisition, the Board of the Abuja Disco has unveiled a momentous leadership shift. Christopher Ezeafulukwe, who has been steering the helm at Transcorp Power Limited as its Managing Director and Chief Executive Officer, has been selected to take over the reins as the new Managing Director and Chief Executive Officer of AEDC. This move underscores Transcorp’s commitment to tapping into its proven leaders to propel the future of AEDC.
- Resonant NCP Approval: As far back as May 2023, the National Council on Privatisation (NCP) endorsed the ascendancy of the Transcorp-led Consortium as the fresh strategic investor for AEDC. The investment community and the market alike greeted this development with an air of enthusiasm. The NCP’s confidence in Transcorp Group’s track record of value creation, business transformation, and robust corporate governance practices within the power sector echoed resoundingly.