Transcorp Group is at the centre of new rally to power Nigeria, and Africa through investments and quality leadership.
Under Transcorp Group Chairman, Tony Elumelu, the conglomerate’s market capitalisation crossed N540 billion mark. This gave it the financial muscle to make electricity accessible to Nigeria and Africa’s teeming population.
To achieve this, Transcorp Group, has through a consortium, acquired 60 per cent stake in Abuja Electricity Distribution Company (AEDC) and engineered management changes.
Transcorp Power Managing Director/CEO, Christopher Ezeafulukwe, was appointed by the Board of the Abuja Electricity Distribution Company (AEDC) Board, as the new Managing Director/CEO of AEDC.
Current CEO of Transcorp Energy, Peter Ikenga, succeeds Ezeafulukwe as Managing Director of Transcorp Power.
Transcorp Group is Nigeria’s leading conglomerates with investments in the hospitality, power, and oil and gas sectors.
The portfolio realignment was a strategic move by Elumelu to further consolidate Transcorp’s position within the Nigerian power sector and energise Nigeria’s economic growth trajectory with steady power supply.
These milestones made it easy for the National Council on Privatisation to approve the Transcorp-led Consortium, as the new strategic investor in AEDC, after assessing the capabilities of the entity and its impact in the power sector.
Excitement Galore
Excited investors and market leaders have highlighted Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.
Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-Mega Watt thermal plant.
Under his leadership, Transcorp Power Ltd consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization program, 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.
The plant’s available capacity, which stood at 160MW on acquisition, increased by 227 per cent to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
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.
Transcorp Group’s commitment to improving lives and transforming societies remains resolute. The Group’s subsidiaries, 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.
With a combined market capitalization exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Group Chair – Tony Elumelu.
Elumelu’s passion for powering Africa has been on for decades. He believes that the next big challenge for Africa would be tackling the lack of electricity, and Transcorp has been energised with the right leadership and capital to bridge power gaps in Africa.
Credit: thenationonlineng.net
