BREAKING: FG approves Transcorp acquisition of Abuja DisCo
The Abuja Electricity Distribution Company has been sold.
The Federal government led by President Buhari through, National Council on Privatisation (NCP), a government agency responsible for overseeing privatization in Nigeria, has given the green light for the acquisition of the Abuja Electricity Distribution Company (AEDC) by the Transcorp Group.
The AEDC, which has been experiencing financial difficulties, serves several states in Nigeria’s north-central region, including the federal capital territory, Abuja.
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This move is expected to improve the electricity distribution in the region and provide better services to the customers of AEDC.
The Vice President of Nigeria, Yemi Osinbajo, made the announcement during the commissioning of the 240MW Afam Three Fast Power Plant in Port Harcourt, Rivers State.
The plant, which was built by the Nigerian government in partnership with General Electric, is expected to boost Nigeria’s power supply and help alleviate the country’s power shortage.
The acquisition of the AEDC by the Transcorp Group is expected to bring much-needed investment into the electricity sector and contribute to the overall development of the Nigerian economy.