Tony Elumelu’s Transcorp Consolidates Hold On The Nation’s Power Sector
Transnational Corporation Group – a Nigerian conglomerate chaired by African business leader, Tony Onyemaechi Elumelu – has again consolidated its grip on the nation’s power sector.
The latest happening in the power sector confirmed this.
Christopher Ezeafulukwe, a believer in Mr. Elumelu’s Africacapitalism philosophy and Chief Executive Officer of one of its subsidiaries, Transcorp Power Limited, has just been appointed as the new Managing Director/CEO of Abuja Electricity Distribution Company (AEDC).
His appointment, highstreet.ng understands, was recently approved and announced by the board of the power company.
This development came to be following the Transcorp consortium’s acquisition of a 60% stake in AEDC.
The National Council on Privatisation approved the Transcorp-led Consortium, as the new strategic investor in Abuja Electricity Distribution Company.
Earlier report by highstreet.ng indicated the arrangement that transformed Transcorp Group a key investor in the nation’s power sector was perfected in May 2023.
And this largely contributed to Transcorp Group’s market capitalization which is currently in excess of N540bn. information at the disposal of highstreet.ng revealed.
Interestingly, Mr. Ezeafuluke’s new position has transformed Peter Ikenga, who currently oversees Transcorp Energy, the new man in charge of Transcorp Power.
Before his newly assigned role, Mr. Ezeafuluke headed a power company – Transcorp power ltd, a 972-MW thermal plant based in Ugheli, Delta state – that “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”.
At the time of taking over by Mr. Elumelu’s Transcop Group, the plant’s available capacity stood at 160MW. It was increased by 227% to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
