Business

Tony Elumelu’s Transcorp Acquires 60% Stake In Abuja DisCo

Published

2 years ago

August 18, 2023

In a strategic move, that further consolidates Transcorp’s position within the Nigerian power sector, Transnational Corporation (Transcorp Plc), Transcorp has acquired a 60 percent interest in Abuja Electricity Distribution Company, AEDC, one of Nigeria’s 11 electricity distribution companies, DisCos.

Serial entrepreneur and proponent of Africapitalism, Mr. Tony Elumelu is the Group Chairman of Transcorp. Elumelu is also the Group Chairman of UBA Plc and Founder of Tony Elumelu Foundation.

With the acquisition which is in line with Transcorp Group’s commitment to improving lives and transforming societies, 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.

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.

Under his leadership, Transcorp Power Limited has consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization program, to be discharged from post-privatization monitoring by the National Council on Privatization, having surpassed the expectations of the Council.

However, in December 2021, the United Bank of Africa (UBA) took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed to the bank.

Kann Consortium secured a loan from UBA to acquire AEDC in 2013, thus controlling a 60 percent stake in AEDC.

In April 2023, the bank’s plan to sell AEDC to recover the $122 million debt was approved by the National Council on Privatisation, a development which culminated in the emergence of the Transcorp-led Consortium, as the new strategic investor in AEDC.

The news was received with great excitement by investors and the market, noting Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.

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 160 megawatts, MW on acquisition, increased by 227 percent to 680.83MW in four years, surpassing the Bureau of Public Enterprise’s, BPE, five-year target of 670MW.

In a notice published on the Nigerian Exchange (NGx) today, Transcorp noted that, “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 company noted.

The Group’s subsidiaries, including 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.

Transcorp Group has a combined market capitalization exceeding N540 billion.

Related Topics:Tony Elumelu Transcorp Corporation PLC

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Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

1 hour ago

November 19, 2025

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The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

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Dangote Sugar Announces South New CEO

Published

2 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.