Transnational Corporation Plc or Transcorp has appointed two chief executives for its power units after increasing its stake in the Abuja Electricity Distribution Company (AEDC).
The company appointed Peter Ikenga as the managing director and chief executive officer of Transcorp Power Ltd, and picked Christopher Ezeafulukwe as managing director and chief executive officer of AEDC.
Mr Ezeafulukwe previously served as chief executive of Transcorp Power Ltd, while Mr Ikenga served as CEO of Transcorp Energy, the group’s oil and gas subsidiary, where he has led its upstream petroleum development strategy.
Mr Ikenga has been instrumental in delivering aspects of Transcorp’s integrated energy strategy, focused on creating Nigeria’s largest domestic power player and ensuring Nigeria’s natural resources deliver robust power supply for the Nigerian economy and consumers.
“Mr Ikenga is a value-driven and result-oriented professional, with a wealth of global experience, having directly developed or managed major oil, gas and power assets and operations in multiple regions including Nigeria, Brazil and United States of America,” the company said in a statement.
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Transcorp is majority owned by privately-held investment firm Heirs Holding, backed by ex-banker Tony Elumelu.
The corporation announced on Thursday it had acquired a 60% stake in AEDC, the electricity provider for Nigeria’s capital and neighbouring states.
The company, one of 11 electricity distribution companies that emerged from the 2013 privatisation of Nigeria’s energy sector, has struggled to improve power supply and has failed to make profit.
The company was taken over in 2021 by its lender UBA over unpaid credit.
Transcorp emerged as the new investor in May 2023.
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