Photo Caption: L-R: Rasheed Olaoluwa, Director Designate EKEDC; Faruk Aliyu, Director, TransGrid and Director Designate EKEDC; George Nwangwu, Director, TransGrid and Director Designate EKEDC; Teen George, Director West Power and Gas; Olubunmi Peters, Chairman, TransGrid and Chairman Designate EKEDC; Ernest Ozzie, Director, West Power and Gas; Kolapo Joseph, Director TransGrid and Director Nominee EKEDC; Wola Joseph-Kondotty, Group Managing Director/CEO, West Power & Gas; and Tuoyo Ezueichi, Excella's Director of Corporate Operations, at the signing ceremony of Transgrid Enerco's acquisition of 60% equity stake in EKEDC in Lagos on Tuesday.
TransGrid Enerco Limited says customers will see improved service delivery and new investment following the acquisition of 60 per cent equity stake in Eko Electricity Distribution Plc (EKEDC), the first market-driven acquisition of a Nigerian electricity distribution company since the 2013 privatization of the power sector.
The transaction was finalized in Lagos on Tuesday following the execution of all transaction and financing documents, according to a statement issued by the company.
Speaking at the closing ceremony, Chairman of TransGrid Enerco Limited, Olubunmi Peters, said the acquisition was “carefully structured, strategically financed and deliberately executed,” adding that it reflected confidence in Nigeria’s power sector reforms.
Also read: TransGrid Enerco signs agreement to acquire Eko Disco
“We are here to formally complete the acquisition of a 60 percent equity stake in Eko Disco. This transaction represents a market-led transition based on commercial discipline, regulatory alignment and a clear long-term operational commitment,” Peters said.
EKEDC serves parts of Lagos State and the Agbara axis of Ogun State, making it the second largest electricity distribution companies in Nigeria. Peters said operations will continue without interruption following the change in ownership.
“Let it be known from this day forward that this acquisition will be stable and orderly. From this day forward, operations will continue uninterrupted,” he said.
TransGrid Enerco confirmed that it has raised the necessary debt and equity financing for the acquisition and has reached financial closing with fund disbursement in line with the agreed timelines.
He also addressed EKEDC staff and customers, saying service continuity will remain the immediate priority while long-term investments will be made in infrastructure, capacity expansion and operational efficiency.
“For customers, service continuity comes first, supported by strong capacity, capital investment and operational discipline,” Peters said. He said the company plans to integrate expertise in power generation, gas infrastructure and distribution.
Peters said the company is committed to regulatory compliance and engagement, noting that effective oversight requires collaboration beyond formal instructions.
“We want regulators who are willing to come out on the street with us, see what's happening and make decisions that reflect the reality on the ground,” he said.
According to TransGrid Enerco, the acquisition establishes the company as a long-term operator in Nigeria's electricity distribution sector, with the aim of strengthening EKEDC and supporting the development of the electricity market.
