Transgrid Enerco Acquires 60% Stake in Eko DisCo to Revolutionise Nigeria’s Power Sector
Transgrid Enerco Acquires 60% Stake in Eko DisCo to Revolutionise Nigeria’s Power Sector
Transgrid Enerco Limited has formally acquired a 60% equity stake in Eko Electricity Distribution Company (Eko DisCo) by signing a Share Purchase Agreement (SPA).
This landmark transaction is the first market-driven acquisition within Nigeria’s power sector, ushering in a new era for electricity distribution in the country.
Transgrid Enerco is a strategic collaboration involving North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF).
Each partner contributes unique expertise to this transformative initiative: NSP excels in hydroelectric power generation, Axxela focuses on gas infrastructure and energy solutions, while SIIF, Nigeria’s largest infrastructure-focused fund, offers solid financial backing for large-scale projects.
Eko DisCo currently provides electricity to southern Lagos State and the Agbara community in Ogun State—two regions critical to Nigeria’s industrial and commercial development.
Transgrid Enerco has ambitious plans to upgrade Eko DisCo’s operations, improve customer service, and scale up electricity distribution capacity from 513MW to 1,500MW in the coming years.
At the signing ceremony, Olubunmi Peters, Chairman of Transgrid Enerco, highlighted the importance of this achievement:
“Today’s signing marks more than a transaction—it is a commitment to addressing Nigeria’s energy challenges. With this acquisition, Transgrid Enerco is poised to lead the transformation of electricity distribution by delivering reliable, sustainable, and innovative solutions. Together, we will modernize infrastructure, improve access, and support economic growth.”
According to a statement, this acquisition aligns with Transgrid Enerco’s mission to empower communities, champion sustainability, and drive economic development through a dependable power supply.
By incorporating renewable energy solutions such as solar and hydropower, Transgrid Enerco plans to establish a new standard for efficiency and environmental responsibility in the energy sector.
The acquisition also underscores the value of collaboration. With support from regulators, stakeholders, and local communities, Transgrid Enerco envisions a future where Nigeria’s energy infrastructure aligns with its population’s and industries’ needs.
The transaction, set to conclude by April 2025, highlights the critical role of private sector investment in transforming Nigeria’s energy sector. Transgrid Enerco has pledged to prioritise transparency, operational excellence, and a customer-centric approach as it leads this transformation.
