By Business News Correspondent
Maureen Iluobe
Transgrid Enerco Limited has completed the acquisition of a 60 per cent ownership stake in Eko Electricity Distribution Plc (EKEDC), marking the first market-led takeover of a Nigerian power distribution company since the 2013 electricity sector privatisation.
The deal was concluded on Tuesday evening in Lagos, following the execution of all transaction and financing documents, bringing the company to full financial close.
Signal of Renewed Investor Confidence
The acquisition introduces a new phase of private-sector participation in Nigeria’s electricity distribution market. Transgrid Enerco said the transaction reflects renewed investor confidence in the sector’s long-term potential and the viability of disciplined, operationally focused ownership.
EKEDC serves large sections of Lagos State and the Agbara industrial corridor in Ogun State, supplying electricity to one of Nigeria’s most commercially active regions.
Financing Secured, Operations Uninterrupted
Transgrid Enerco confirmed that it successfully raised both debt and equity financing required for the transaction, with disbursements scheduled in line with agreed timelines. The company said the acquisition provides a platform for network upgrades, service improvements, and long-term value creation.
Chairman of Transgrid Enerco, Engr. Olubunmi Peters, said the deal demonstrates that Nigeria’s power distribution segment can attract patient capital when operational execution is prioritised.
“This acquisition shows that Nigeria’s electricity distribution sector remains investable. Our focus will be on infrastructure modernisation, efficiency improvements, and integrated technical expertise, while maintaining strict regulatory compliance and uninterrupted service delivery,” Peters said.
Commitment to Customers and Stakeholders
Transgrid Enerco emphasised that EKEDC’s day-to-day operations will continue without disruption. The company pledged close collaboration with employees, customers, regulators, state governments, and host communities as it rolls out a phased improvement programme aimed at enhancing reliability and customer experience.
Strategic Entry Into Power Distribution
By securing a controlling stake in EKEDC, Transgrid Enerco positions itself as a long-term operator in Nigeria’s electricity distribution landscape, combining institutional capital with technical expertise across the energy value chain.
Industry observers see the transaction as a potential catalyst for further consolidation and fresh investment in Nigeria’s power market, at a time when the sector is seeking improved performance and financial sustainability.
