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

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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.

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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.

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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.

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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.

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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.

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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.

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Transcorp Group has a combined market capitalization exceeding N540 billion.

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NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

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This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

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It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reduces Fuel Price

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

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The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

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The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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