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Transcorp Acquires 60% Stake in AEDC

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Transcorp Power Limited has consolidated its position in Nigeria’s power sector as it acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC).

The group has made significant inroad in the sector towards improving Nigeria’s epileptic power supply which has been the bane of the nation’s poor economic development.

Following the acquisition, Christopher Ezeafulukwe, the managing director/CEO of Transcorp Power Limited, has been appointed as the new Managing Director/CEO of AEDC.

Transcorp Group, whose biggest shareholder is businessman Tony Elumelu, is one of Nigeria’s leading conglomerates with investments in the hospitality, power, and oil and gas sectors.

In a strategic move that further consolidates Transcorp’s position within the Nigerian power sector, Mr Ezeafulukwe’s appointment follows the acquisition of the stake in AEDC by a Transcorp-led consortium.

Prior to his appointment as the MD/CEO of AEDC, Mr Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant.

Under his leadership, the company said Transcorp Power Ltd consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatisation program, to be discharged from post-privatisation monitoring by the National Council on Privatisation, having surpassed the
expectations of the Council.

The Ughelli Power plant, which Transcorp Group acquired during the privatisation of the power sector in 2013, demonstrates the group’s transformative prowess, the company said.

“The plant’s available capacity, which stood at 160MW on acquisition, increased by 227 per cent to 680.83MW in 4 years, surpassing the Bureau of Public Enterprises (BPE) five-year target of 670MW.

“With Ezeafulukwe’s proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital,” it added.

Transcorp Group said its commitment to improving lives and transforming societies remains resolute. The Group’s subsidiaries, include Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja, have demonstrated continued value creation and a dedication to creating both economic and social wealth.

With a combined market capitalization exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Group Chair – Tony Elumelu.

AEDC was among the 11 electricity distribution companies that emerged from the 2013 privatisation of the sector following the unbundling of the state-owned Power Holding Company of Nigeria (PHCN).

Since coming on stream, the AEDC, like most other distribution companies, has struggled to improve power supply to its consumers and failed to break even.

Speaker Abass Names Five New Committee Chairmen

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Following the nomination of some members of the tenth House of Representatives as Ministers by President Bola Ahmed Tinubu and void in the leadership of some standing committees of the House, Abass Tajudden, the Speaker of the House of Representatives has announced the appointment of five new committee chairmen.

The new Chairmen are to fill up the vacant positions.

They are:

Hon. Mamudu Abdullahi – (APC, Niger) – Chairman, House Committee on Army
Hon. Pascal Agbodike – (APGA, Anambra) – Chairman, House Committee on Hydrological Services
Hon. Dennis Idahosa (APC, Edo) – Chairman, House Committee on Healthcare Services
Hon. Emmanuel Ukpong-Udo (YPP, Akwa Ibom) – Chairman, House Committee on Electronic and Digital Banking
Hon. Bukar Talba (APC, Borno) – Chairman, House Committee on Institutional Reforms.
The Speaker said that the appointments are to take immediate effect, while the legislative record shall be updated upon resumption of the House from recess.

President Tinubu To Swear In Ministers-Designate On Monday

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Nigeria’s President, Bola Ahmed Tinubu will on Monday August 21, 2023, swear in his Ministers-designate at the State House Conference Centre, Presidential Villa in Abuja, the nation’s capital.

The President had on Wednesday assigned portfolios to the Ministers-designate, who were recently confirmed by the Nigerian Senate.

The Permanent Secretary, General Services Office in the Office of the Secretary to the Government of the Federation (OSGF), Nnamdi Mbaeri who made the announcement disclosed that the swearing-in ceremony would hold from 10 am on the said date.

He added that; “Ministers-designate are to please note that their documentation will take place at the conference room, general services office, second floor, office of the secretary to the government of the federation from 10 am – 4 pm on Saturday 19th & Sunday 20th August, 2023.”

States to get N5 billion each to cushion effects of subsidy removal

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The federal government has approved the disbursement of N5 billion to each state, local government councils and the FCT to cushion the effects of the petrol subsidy removal.

Governor Babagana Zulum of Borno said this at the end of the National Economic Council (NEC) meeting on Thursday in Abuja.

He said the fund was for purchasing 100,000 bags of rice, 40,000 bags of maize and fertilisers.

He said the funds were based on 52 per cent grants and 48 per cent as loans to be repaid to the Central Bank of Nigeria (CBN) within 20 months by the states and local councils.

He said the council commenced President Bola Tinubu and the CBN for the various efforts to reduce the impact of the subsidy removal on citizens.

Mr Zulum also said the federal government had sent food items to states bordering the Niger Republic to mitigate the influx of refugees coming into the states.

He said the states were also given five trucks of rice each by the federal government last week for distribution to vulnerable Nigerians in their domain.

“Furthermore, the council has noted the package that was announced by the president in order to cushion the effect of subsidy removal, amounting to about N500 billion.

“This fund has to be distributed to the following sectors MSMEs, industrial sector; about N125 billion will go to cash transfers, agricultural sector as well as gas expansion for buses,” Mr Zulum said.

He added, “Because of the increasing cost of fossil fuel, the federal government intends to establish more gas stations in Nigeria, procure more gas-powered buses, CNG buses, as well as electric buses in order to cushion the effect of the subsidy removal.”

The governor said the states have also been directed to negotiate with the labour unions’ leadership on the palliatives, adding that a committee of governors had been set up for this purpose.

H said the council recognised that these interventions were short-term solutions, adding that long-lasting solutions were being worked out.

Governor Yahaya Bello of Kogi said that the NEC discussed the impact of the 2022 flood on states and what needed to be done to victims.

He said the NEC urged the federal government to immediately dispatch relief materials to the state flood victims.

He said that the delay in the disbursement of relief was due to some states that had yet to respond to requests to provide data on the flood situation in their areas.

Governor Seyi Makinde also said the NEC observed a minute silence for the officers and men of the armed forces killed in a helicopter crash in Niger State.

He said the council also advised the government to take immediate actions and policies to stabilise the economy, lower the unemployment rate and improve investment flow to the country.

(NAN)

Nigeria to liaise with unions over subsidy removal

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The National Economic Council (NEC) has constituted an ad hoc committee to engage with the leadership of labour unions to resolve issues surrounding the petrol subsidy removal.

In a statement, Olusola Abiola, the spokesperson for the Office of the Vice President, said the decision was reached at the 135th meeting of NEC, chaired by Vice President Kashim Shettima in Abuja on Thursday.

The committee comprises the Nigerian Governors’ Forum chairman, Governor AbdulRahman AbdulRazaq of Kwara, Governor Chukwuma Soludo of Anambra and the chairman of the Progressives Governors Forum, Governor Hope Uzodinma of Imo State.

Others are the PDP Governors Forum chairman, Governor Bala Mohammed of Bauchi State, and Governor Alex Otti of Abia State.

Mr Abiola said the council also received progress reports on the ongoing nationwide distribution of rice, grains, fertiliser and other items to states and N5 billion in financial support provided by the federal government.

He said the council commended the Central Bank of Nigeria (CBN) and the National Emergency Management Agency (NEMA) for their interventions.

He said NEC also mourned the death of some military personnel in Niger State and observed a minute silence in honour of the deceased while commiserating with their families.

“Below are other highlights of the meeting; Excess Crude Account from July 19 to August 14, 2023, US$473,754.57: Stabilisation Account from July 18 to August 14, N30,346,557,405.12; Natural Resources Account from July 18 to August 14, N115,175,616,159.65.

“At the 128th NEC meeting held on October 20, 2022, the then chairman of the Nigeria Governor’s Forum, Governor Aminu Tambuwal of Sokoto, drew the attention of the council to the devastating effect of the 2022 flooding, which affected about 31 States of the Federation,” he said.

Mr Abiola said the council resolved to set up a five-man ad hoc committee on flooding, comprising Jigawa, Kogi, Anambra, Bayelsa, Lagos, and Yobe States governors.

He said those coopted into the committee were the Minister of Finance, Budget and National Planning, Minister of Water Resources, Minister of Agriculture and Rural Development, Minister of Humanitarian Affairs and Disaster Management, governor of the CBN and director-general of NEMA.