By signing a Share Purchase Agreement (SPA), Transgrid Enerco Limited has acquired a 60% equity position in Eko Electricity Distribution Company (Eko DisCo), marking a significant milestone for Nigeria’s energy sector.
With this deal, Nigerian electricity distribution enters a brave new era as the first market-driven acquisition in the power industry.
The Stanbic IBTC Infrastructure Growth Fund (SIIF), Axxela Limited, and North South Power Company Limited (NSP) have partnered to form Transgrid Enerco.
Every partner contributes a multitude of skills to this revolutionary endeavor. The largest infrastructure-focused fund in Nigeria, SIIF offers strong financial strategies for major projects, Axxela focuses on gas infrastructure and energy solutions, and NSP is a leader in hydroelectric power generation.
The Agbara village in Ogun State and the southern portion of Lagos State are currently served by Eko DisCo; both areas are vital to Nigeria’s industrial and commercial development.
By modernizing Eko DisCo’s operations, improving customer service, and increasing its power distribution capacity from 513MW to 1,500MW in the coming years, Transgrid Enerco has laid out an ambitious plan.
The importance of this milestone was underlined by Mr. Olubunmi Peters, Chairman of Transgrid Enerco, who spoke at the signing ceremony: “Today’s signing marks more than a transaction—it is a commitment to addressing Nigeria’s energy challenges.” Through this acquisition, Transgrid Enerco will be able to provide dependable, sustainable, and creative solutions, thereby taking the lead in the revolution of electricity distribution. Together, we will enhance access, update infrastructure, and promote economic expansion.
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This purchase supports Transgrid Enerco’s objective of empowering communities, advancing sustainability, and stimulating economic growth via dependable electricity supply.
Within the electricity industry, the company hopes to establish a new standard for efficiency and environmental responsibility by using renewable energy sources like hydropower and solar.
The purchase also shows a mutual dedication to cooperation. In the future, Transgrid Enerco hopes that Nigeria’s energy infrastructure will be able to meet the demands of its industries and populace with the help of stakeholders, regulators, and the general public.
With a completion date of April 2025, the deal highlights how crucial private sector investment is to changing Nigeria’s energy landscape.
Transgrid Enerco’s leadership has vowed to prioritize openness, operational excellence, and a customer-first strategy going ahead.
