Transgrid Enerco Limited, a consortium of North-South Power (NSP), Axxela Limited, and Stanbic IBTC Infrastructure Growth Fund, has signed a Share Purchase Agreement (SPA) to acquire a 60% equity stake in Eko Electricity Distribution Company (Eko DisCo).
The deal, scheduled to be finalised by April 2025, was sealed on Tuesday, January 21, 2025.
Eko DisCo currently serves the southern part of Lagos State and the Agbara community in Ogun State. West Power and Gas (WPG), current owners of Eko DisCo, will transfer control to Transgrid Enerco following regulatory approvals.
WPG Chairman, Charles Momoh, expressed confidence in the new owners, noting their potential to bring fresh capital and expertise to reposition Eko DisCo for growth in Nigeria’s evolving electricity market.
Transgrid Enerco has outlined an ambitious vision to modernise Eko DisCo’s operations, enhance customer service, and expand its electricity distribution capacity from 513MW to 1,500MW within the next few years.
Commenting on the deal, Chairman of Transgrid Enerco, Mr Olubunmi Peters, 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 modernise infrastructure, improve access and support economic growth.”
Transgrid Enerco is a strategic alliance formed by North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF). Each partner brings a wealth of expertise to the transformative venture. NSP is a leader in hydroelectric power generation, Axxela specialises in gas infrastructure and energy solutions, and SIIF is Nigeria’s largest infrastructure-focused fund, providing robust financial strategies for large-scale projects.
