Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to acquire a 60% equity stake in Eko Electricity Distribution Company (Eko DisCo).
Transgrid Enerco Limited is a strategic consortium comprising North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF).
This alliance leverages the combined expertise of NSP in hydroelectric power generation, Axxela in gas infrastructure and energy solutions, and SIIF, the largest infrastructure-focused fund in Nigeria.
Eko DisCo serves Lagos State’s southern region and the Agbara community in Ogun State, areas critical to Nigeria’s industrial and commercial growth.
The acquisition aligns with Transgrid Enerco’s vision of modernizing Eko DisCo’s operations, enhancing customer service, and expanding electricity distribution capacity from 513MW to 1,500MW over the next few years.
Speaking at the signing ceremony, Dr. Olubunmi Peters, Chairman of Transgrid Enerco, said “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.”
Transgrid Enerco has pledged transparency, operational excellence, and a customer-first approach in its plans to overhaul Eko DisCo’s infrastructure and processes.
By integrating renewable energy solutions such as solar and hydropower, the company aims to enhance efficiency while promoting environmental sustainability.
“This transaction is a testament to the importance of collaboration,” said Dr. Peters. “With the support of regulators, stakeholders, and the wider community, we envision a future where Nigeria’s energy infrastructure fully meets the needs of its people and industries.”
Scheduled for completion by April 2025, the transaction reflects a shared commitment to empowering communities, fostering economic advancement, and driving sustainable development through reliable power supply.
The move is expected to catalyze broader investments in Nigeria’s power sector, signaling renewed confidence in the industry’s potential.
As Eko DisCo transitions under the leadership of Transgrid Enerco, stakeholders are optimistic about the future of electricity distribution in Nigeria and its impact on the country’s industrial growth and energy reliability.