CEM REPORT, ENERGY | The National Council on Privatisation (NCP) has approved Transcorp Power as the preferred bidder for the Abuja Electricity Distribution Company (AEDC).
Vice President Yemi Osinbajo disclosed the approval on Tuesday during the commissioning of the Afam three-fast power plant in Rivers State
In what he described as a significant breakthrough in the country’s power sector, he noted that the country’s power sector lacked financing.
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 had secured a loan from UBA to acquire AEDC in 2013, making it hold a 60 per cent stake in the DisCo.
However, in April 2023, the bank said it would sell AEDC to recover the $122 million debt.
