Oritsegbubemi Omatseyin
Lagos — Improved service delivery is underway in Eko Electricity Distribution Company, EKEDC, following the acquisition of a 60 percent equity stake by Transgrid Enerco Limited, the first market-driven takeover of a Nigerian electricity distribution company since the 2013 power sector privatisation.
In the coming weeks, the company will transition into a range of new deals that would involve capital investment in infrastructure projects to achieve a wide range of services as well as efficiency improvements.
Confirming the development, spokesperson for the DisCo, Babatunde Lasaki, said Transgrid Enerco, is coming with pedigree and has unmatched potential and technical ability to deliver reliable energy efficiency and to help achieve a number of goals which the DisCo outlined.
Lasaki said positive expectations are being envisaged from the deal, adding that critical customer expectations are now set to be realised.
According to him, the acquisition will further reinforce and enhance existing conditions, improve service delivery, and enhance infrastructure deployment.
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.
“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.
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.
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.
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.
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.
