Abuja, May 9, 2023 -Transcorp Group has fully acquired the Abuja Electricity Distribution Company (AEDC)
The National Council on Privatisation (NCP) has approved the group’s preferred bid for the troubled Abuja Electricity Company.
Vice President Yemi Osinbajo announced this on Tuesday while speaking at the inauguration of the 240MW Afam Three Fast Power Plant ongoing in Port Harcourt, Rivers State.
Osinbajo described the development as a significant breakthrough in the power sector.
“A major breakthrough of our privatisation process, which of course, as you know, started in 2005-2006, was and has been inadequate of private investments and real cash injections,” he said.
“From the time we started, an indigenous firm such as Transcorp Power and Heirs Holding have been making significant investments such as this 100 percent acquisition of installed capacity Afam Power Plc and Afam Three Fast Power Limited, jointly referred to as Afam GenCo. The acquisition cost, I am sure you have heard already, is N105.3 trillion.
“Only yesterday, the National Council on Privatisation (NCP) formally delisted Transcorp Power Plc, formerly known as Ughelli Power Plc, from routine monitoring and evaluation by the BPE, indicating yet another successful power investment.
“I can say the last few days belong to Transcorp Power because at the meeting of the national council on privatisation (NCP), the council approved Transcorp Power Consortium as the preferred bidder of the acquisition of the Abuja Distribution Company.”
The Transcorp Group has over the years shown consistency in growth and innovation.
The group established its Transcorp Energy established in 2008, an arm through which the group won the bid for Ughelli Power Plc, now Transcorp Power Ltd in 2012.
In 2020, the group also acquired TransAfam Power Ltd, increasing its power play in the industry, and its generating capacity. (GBN)
