Tony Elumelu’s Transcorp takes over Abuja DisCo management
Transnational Corporation (Transcorp Plc) has acquired a 60 per cent interest in Abuja Electricity Distribution Company.
With the acquisition, the Board of AEDC has appointed the Managing Director/CEO of Transcorp Power Limited, Christopher Ezeafulukwe, as the new Managing Director/CEO of AEDC.
Ezeafulukwe is expected to deepen investment targeted at improving the supply of electricity to households, businesses and government institutions in the Federal Capital Territory, Niger, Kogi and Nasarawa States.
Renowned entrepreneur, Mr. Tony Elumelu, is the Group Chairman of Transcorp. Elumelu is also the Group Chairman of UBA Plc and Founder of Tony Elumelu Foundation.
Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant.
In December 2021, the United Bank of Africa (UBA) took over the AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed the bank.
Kann Consortium secured a loan from UBA to acquire the AEDC in 2013, thus controlling a 60 per cent stake in the DisCo.
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