The preferred bidder for the Abuja Electricity Distribution Company has been identified as Transcorp Group.
Prof. Yemi Osinbajo, Nigeria’s Vice President, made the announcement while inaugurating the Afam Power Plant in Rivers State.
“A major breakthrough in our privatization process, which, as you know, began in 2005-2006, was and continues to be insufficient of private investments and real cash injections,” he said.
“From the beginning, an indigenous firm such as Transcorp Power and Heirs Holding has made significant investments such as this 100 percent acquisition of installed capacity Afam Power Plc and Afam Three Fast Power Limited, collectively known as Afam GenCo.” I am sure you have heard that the acquisition cost is N105.3 trillion.
“Only yesterday, the 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.”
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“I can say that the last few days have belonged to Transcorp Power because, at a meeting of the national council on privatization (NCP), the council approved Transcorp Power Consortium as the preferred bidder for the acquisition of the Abuja Distribution Company.”
United Bank of Africa (UBA) took control of AEDC in December 2021 due to Kann Consortium’s inability to service the bank’s $122 million debt.
Kann Consortium obtained a loan from UBA in 2013 to acquire AEDC, giving it a 60 percent stake in DisCo.
However, the bank announced in April 2023 that it would sell AEDC to recover the $122 million debt.
