Transgrid Enerco Limited has completed the acquisition of a 60% equity stake in Eko Electricity Distribution Plc (EKEDC), marking the first market-driven acquisition of a Nigerian electricity distribution company since the 2013 power sector privatisation.
The transaction was finalised following the execution of all
transaction and financing documents at a signing ceremony held in Lagos.
Transgrid Enerco Limited brings together institutional
capital and deep technical expertise across Nigeria’s energy value chain, with
a focus on long-term operational ownership.
EKEDC is one of Nigeria’s largest electricity distribution
companies, serving major parts of Lagos State and the Agbara area of Ogun
State. It plays a critical role in supporting residential, commercial, and
industrial activity across one of the country’s most economically active
regions.
Transgrid Enerco confirmed that it has successfully raised
the required debt and equity financing for the acquisition and has achieved
financial close, with fund disbursements to follow in line with agreed
timelines. The company said the transaction provides a strong foundation for
operational improvements, infrastructure investment, and long-term value
creation.
Speaking at the signing ceremony, the Chairman of Transgrid
Enerco Limited, Engr. Olubunmi Peters, said the acquisition reflects renewed
confidence in Nigeria’s power sector.
“This transaction shows that Nigeria’s electricity
distribution sector can attract long-term capital when there is a clear focus
on operational excellence and disciplined execution,” Peters said. “Our
priority is to strengthen EKEDC through infrastructure upgrades, improved
efficiency, and integrated energy expertise, while ensuring regulatory
compliance and continuity of service.”
Transgrid Enerco stated that EKEDC’s operations will
continue without disruption. The company reaffirmed its commitment to working
closely with employees, customers, regulators, host state governments, and
local communities, as it rolls out a phased programme to improve service
reliability and customer experience.
The acquisition positions Transgrid Enerco Limited as a
well-capitalised long-term operator in Nigeria’s electricity distribution
sector, with a mandate to strengthen EKEDC and contribute to the continued
development of the country’s power market.
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