Vice-President Yemi Osinbajo has announced that Transcorp Power has been approved as the preferred bidder for the Abuja Electricity Distribution Company (AEDC) by the national council on Privatization (NCP).
The Live News reports that Osinbajo made the announcement at the commissioning of the Afam three-fast power plant in Oyigbo LGA, Rivers state, on Tuesday. He described the development as a significant breakthrough in Nigeria’s power sector, which has been lacking private sector finance.
Osinbajo praised indigenous firms such as Transcorp Power and Heirs Holding for their significant investments in the power sector.
Read also: Anambra Signs MoU With EEDC For 24-hour Power Supply.
He said, “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…the council approved Transcorp Power Consortium as the preferred bidder of the acquisition of the Abuja Distribution Company.”
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.
Kann Consortium secured a loan from UBA to acquire AEDC in 2013, holding a 60 percent stake in DisCo. However, in April 2023, the bank said it would sell AEDC to recover the $122 million debt.
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