As Group appoints Ezeafuluke as MD of AEDC
The business ingenuity and acumen of Mr Tony Elumelu, Chairman of Transcorp Group has received further validation with the acquisition by the Transcorp Group-led consortium of 60 per cent stake in the Abuja Electricity Distribution Company (AEDC).
The move that saw the Transcorp Group acquire the significant stake in AEDC is largely seen as a strategic to consolidate the Group’s position in the nation’s critical power sector.
The Group, under the command room guru-Mr Elumelu- quickly consolidated its controlling stake-holding after consummating the deal by ensuring the appointment of Mr Christopher Ezeafulukwe as Managing Director/CEO of AEDC by the Board.
This acquisition is not the first attempt of The Transcorp Group in playing and pulling the levers of power and control in the power sector. It had made a foray into the sector though Transcorp Energy and Transcorp Power.
Confirmed reports said that Peter Ikenga, the current CEO of Transcorp Energy had been appointed Managing Director of Transcorp Power.
Recall that the National Council on Privatisation (NCP) had in May 2023 approved the Transcorp-led consortium as the new strategic investor in AEDC.
Before his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant.
Under his leadership, Transcorp Power Ltd. had consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization programme, to be discharged from post-privatisation monitoring by the National Council on Privatization, 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 and can-do spirit.
The plant 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.
The Transcorp Group expressed the belief that with Ezeafulukwe’s capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.”
Transcorp Group said its commitment to improving lives and transforming societies remained resolute.
The Group’s subsidiaries, which include 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.
The Group has a combined market capitalization exceeding N540 billion.
The success story of Transcorp Group derived largely from Mr Elumelu’s Midas Touch.
The Nigerian tycoon and his family had upped their stake in Transcorp to more than one-third, taking their combined interest in the conglomerate to 14.6 billion shares.
The magnate, his relatives, his fully-owned investment company, Heirs Holdings, now hold at least a 36 percent stake between them, according to calculations by an newspaper publication, using market data and regulatory filings.
Elumelu and his family had, in June this year, raised stake in Transcorp to 36 percent, The transactions that took the family’s holding to that elvel variously occurred on June 5, when Awele Elumelu, wife of Mr Elumelu, bought 7.4 million shares in the firm.
That was worth N22 million, according to the details of a note published by the NGX on Tuesday, June 1, 2023.
The share price of Nigeria’s biggest listed conglomerate, Transcorp, which has investments in energy, hospitality and power, had surged nearly three times, so far, this year, making it the fifth best-performing stock of the 156 stocks quoted on the Nigerian bourse.
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