Transgrid Enerco Finalizes Landmark Deal to Acquire Eko DisCo

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to purchase a 60% equity position in Eko Electricity Distribution Company (Eko DisCo), marking a significant milestone for Nigeria’s energy industry.

This deal marks a daring new era for Nigeria’s energy distribution and is the first market-driven purchase in the power industry.

North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF) have partnered to form Transgrid Enerco.

Each participant contributes a plethora of knowledge to this revolutionary endeavor. SIIF is Nigeria’s largest infrastructure-focused fund, offering strong financial strategies for large-scale projects; Axxela focuses on gas infrastructure and energy solutions; and NSP is a leader in hydroelectric power generation.

Currently, Eko DisCo provides service to the Agbara village in Ogun State and the southern portion of Lagos State, two areas vital to Nigeria’s industrial and commercial development.

Within the next five years, Transgrid Enerco plans to modernize Eko DisCo’s operations, improve customer service, and increase its power distribution capacity from 513MW to 1,500MW.

“Today’s signing marks more than a transaction—it is a commitment to addressing Nigeria’s energy challenges,” said Mr. Olubunmi Peters, Chairman of Transgrid Enerco, who spoke at the signing event, underscoring the importance of this milestone. Transgrid Enerco is well-positioned to spearhead the revolution in electricity distribution with this acquisition by providing dependable, environmentally friendly, and creative solutions. We will work together to enhance access, update infrastructure, and promote economic expansion.

Transgrid Enerco’s objective to empower communities, improve sustainability, and spur economic growth via dependable electricity supply is in line with this acquisition.

The company wants to raise the bar for efficiency and environmental responsibility in the electricity industry by using renewable energy sources like hydropower and solar.

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Additionally, the transaction shows a mutual dedication to cooperation. Transgrid Enerco hopes that with the help of stakeholders, regulators, and the general public, Nigeria’s energy infrastructure would be able to support its industries and populace in the future.

The deal, which is expected to be completed by April 2025, emphasizes how crucial private sector investment is to changing Nigeria’s energy landscape.

Transgrid Enerco’s leadership has committed to a customer-first strategy, operational excellence, and transparency as top priorities going ahead.