Transgrid Enerco Acquires 60% Stake In Eko DisCo

Transgrid Enerco Limited has finalised the Share Purchase Agreement (SPA) to acquire a 60% equity stake in Eko Electricity Distribution Company (Eko DisCo), marking the first market-driven acquisition in Nigeria’s power sector.

This milestone signals a transformative era for electricity distribution in the country.

Transgrid Enerco, a strategic alliance of North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF), combines expertise in hydroelectric power generation, gas infrastructure, and large-scale infrastructure financing. Together, the consortium is positioned to modernise Eko DisCo and enhance its operational capacity.

Eko DisCo, which currently serves Lagos State’s southern region and the Agbara community in Ogun State, is integral to Nigeria’s industrial and commercial development. Transgrid Enerco plans to expand the company’s electricity distribution capacity from 513MW to 1,500MW in the coming years while improving customer service and modernizing operations.

Speaking at the recent signing ceremony, Mr. Olubunmi Peters, Chairman of Transgrid Enerco, highlighted the acquisition’s significance:

“This transaction is more than an investment—it is a commitment to solving Nigeria’s energy challenges. Transgrid Enerco is set to transform electricity distribution by delivering innovative, reliable, and sustainable power solutions. Our goal is to modernise infrastructure, enhance accessibility, and support Nigeria’s economic growth.”

Aligned with its mission to promote sustainability and empower communities, Transgrid Enerco plans to integrate renewable energy solutions, including solar and hydropower, into Eko DisCo’s operations. This approach aims to set new benchmarks for efficiency and environmental responsibility in the power sector.

The acquisition, set for completion by April 2025, highlights the crucial role of private sector investment in reshaping Nigeria’s energy landscape. With support from regulators, stakeholders, and the wider community, Transgrid Enerco envisions a future where the country’s energy infrastructure can meet its growing demands.

Transgrid Enerco’s leadership has pledged transparency, operational excellence, and a customer-focused approach as it embarks on this ambitious journey to transform Nigeria’s power sector.