Transgrid Enerco Limited has signed the Share Purchase Agreement (SPA) to acquire a 60 percent equity stake in Eko Electricity Distribution Company (Eko DisCo).

This transaction represents the first market-driven acquisition in the power sector, signaling a bold new era for electricity distribution in Nigeria.

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 this transformative venture.

NSP is a leader in hydroelectric power generation, Axxela specialises in gas infrastructure and energy solutions, while SIIF is Nigeria’s largest infrastructure-focused fund, providing robust financial strategies for large-scale projects.

Eko DisCo currently serves the southern part of Lagos State and the Agbara community in Ogun State—regions critical to Nigeria’s industrial and commercial growth. 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.

Speaking at the signing ceremony, Olubunmi Peters, chairman of Transgrid Enerco, emphasised the significance of this milestone:

“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 modernize infrastructure, improve access, and support economic growth.”

This acquisition aligns with Transgrid Enerco’s mission to empower communities, promote sustainability, and drive economic advancement through reliable power supply, a statement said.

By integrating renewable energy solutions such as solar and hydropower, the company aims to set a new benchmark for efficiency and environmental responsibility in the power sector.

The acquisition also reflects a shared commitment to collaboration. With support from regulators, stakeholders, and the wider community, Transgrid Enerco envisions a future where Nigeria’s energy infrastructure meets the needs of its people and industries.

Scheduled to be finalised by April 2025, the transaction underscores the importance of private sector investment in transforming Nigeria’s energy landscape. The leadership at Transgrid Enerco has pledged transparency, operational excellence, and a customer-first approach as key priorities moving forward. (BusinessDay)

• Representatives of Transgrid Enerco Limited and Eko Electricity Distribution Company (Eko DisCo) at the signing of the Share Purchase Agreement