Business
Elumelu Takes Another Major Turn-Around Step In Transcorp’s Power Play
according to industry watchers
Transcorp Power, the subsidiary of Transcorp Group -the value-adder across different sectors with serial entrepreneur as Chairman, Tony Elumelu has made another major operations boosting step.
Trancorp Power’s Chief Executive Officer, Christopher Ezeafulukwe has been appointed Abuja Electricity Distribution Company (AEDC) to take up the same role.
“Ezeafulukwe is now the Chief Executive Officer and Managing Director at AEDC” SocietyNow.Ng learned.
The move said to have the fingerprints of Elumelu all over it, is a major step towards consolidating Transcorp’s play in the power sector according to industry watchers.
Under the watch of Ezeafulukwe as Chief Executive Officer, Transcorp Power Ugehlli increased capacity from 160MW to 680.83MW in 4 years outperforming the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.
The historic 227% increased capacity of the 972-MW thermal plant that Transcorp Group acquired during the privatization of the power sector in 2013 made it the first in the program to be discharged from post-privatization monitoring by the National Council on Privatization.
“Transcorp Power is able to deliver power efficiently and it is able to do so even way beyond the expectations of the PAP. We urge the organization to continue in that path and do even better,” Osinbajo who was the chairman of the National Council on Privatization declared during the presentation of the Discharge Certificate to Transcorp Power PLC for the privatization of Ughelli Power Plant PLC on Monday, May 8, 2023, at the Presidential Villa.
PAP stands for Post Acquisition Plan.
Transcorp-led Consortium became the new strategic investor in Abuja Electricity Distribution Company in May 2023 with the acquisition of a 60% stake.
With the guiding hands of Elumelu behind the scene, Ezeafulukwe, who has extensive experience in legal and transaction advisory and support services, company secretarial and related practices, and business development will combine his expertise with those of the board of AEDC to improve on the Ughelli Power feats SocietyNow.Ng learned.
Peter Ikenga, the Chief Executive Officer of Transcorp Energy takes over from Ezeafulukwe as the front person at Transcorp Power.
The recent moves cement the status of Transcorp Group with a market capitalization of over N540 billion as a frontrunner in the nation’s power sector.
The portfolios of the group with Elumelu as Chairman – and major influence – include investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Aura by Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.
