Transgrid Enerco pledges improved service after acquisition of 60% stake in Eko Disco

Photo caption: L-R: Rasheed Olaoluwa, director nominee EKEDC; ⁠Faruk Aliyu, director, Transgrid & director nominee EKEDC; George Nwangwu, director, Transgrid & director nominee EKEDC; ⁠Tein George, director West Power & Gas; Olubunmi Peters, chairman, Transgrid & chairman nominee EKEDC; ⁠Ernest Oji, director, West Power & Gas; ⁠Kolapo Joseph, director Transgrid & director nominee EKEDC; ⁠Wola Joseph-Condotti, group managing director/CEO, West Power & Gas; and ⁠Tuoyo Ejueyitchie, director of corporate operations, Axxela, at the signing ceremony of Transgrid Enerco 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 its acquisition of a 60 per cent equity stake in Eko Electricity Distribution Plc (EKEDC), the first market-driven takeover of a Nigerian electricity distribution company since the 2013 power sector privatisation.

The transaction was finalised in Lagos on Tuesday after the execution of all transaction and financing documents, according to a statement issued by the company.

Speaking at the completion ceremony, Olubunmi Peters, chairman of Transgrid Enerco Limited, said the acquisition was “carefully structured, strategically financed, and deliberately executed,” adding that it reflects confidence in Nigeria’s electricity sector reforms.

Read also: Transgrid Enerco signs agreement to acquire Eko DisCo

“We’re here to formally complete the acquisition of a 60 per cent equity stake in Eko Disco. This transaction represents a market-led transition grounded in 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 second of Nigeria’s largest electricity distribution companies. Peters said operations would continue without interruption following the change in ownership.

“Let it be known from this day forth that this acquisition is structured to be stable and orderly. Operations shall continue uninterrupted from this day,” he said.

Transgrid Enerco confirmed that it has raised the required debt and equity financing for the acquisition and has reached financial close, with fund disbursements to follow in line with agreed timelines.

He also addressed EKEDC staff and customers, saying service continuity would remain the immediate priority while longer-term investments are made in infrastructure, capacity expansion, and operational efficiency.

“To customers, service continuity comes first, supported by strong capability, capital infusion, and operational discipline,” Peters said, adding that the company plans to integrate expertise across power generation, gas infrastructure, and distribution.

Peters said the company was committed to regulatory compliance and engagement, noting that effective oversight required collaboration beyond formal directives.

“We want regulators who will be ready to come with us on the street, see what is happening, and take decisions that reflect realities on the ground,” he said.

According to Transgrid Enerco, the acquisition positions the company as a long-term operator in Nigeria’s electricity distribution sector, with a mandate to strengthen EKEDC and support the development of the power market.

Taofeek Oyedokun is a correspondent at BusinessDay with years of experience reporting on political economy, public policy, migration, environment/climate change, and social justice. A graduate of Political Science from the University of Lagos, he has also earned multiple professional certificates in journalism and media-related training. Known for his clear, data-driven reporting, Oyedokun covers a wide range of national and international socioeconomic issues, bringing depth, balance, and public-interest focus to his work.

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