Transgrid Enerco Limited has completed the acquisition of a60% equity stake in Eko Electricity Distribution Plc (EKEDC), marking the firstmarket-driven acquisition of a Nigerian electricity distribution company sincethe 2013 power sector privatisation. The transaction was finalised following the execution of alltransaction and financing documents at a signing ceremony held in Lagos. Transgrid Enerco Limited brings together institutionalcapital and deep technical expertise across Nigeria’s energy value chain, witha focus on long-term operational ownership. EKEDC is one of Nigeria’s largest electricity distributioncompanies, serving major parts of Lagos State and the Agbara area of OgunState. It plays a critical role in supporting residential, commercial, andindustrial activity across one of the country’s most economically activeregions. Transgrid Enerco confirmed that it has successfully raisedthe required debt and equity financing for the acquisition and has achievedfinancial close, with fund disbursements to follow in line with agreedtimelines. The company said the transaction provides a strong foundation foroperational improvements, infrastructure investment, and long-term valuecreation. Speaking at the signing ceremony, the Chairman of TransgridEnerco Limited, Engr. Olubunmi Peters, said the acquisition reflects renewedconfidence in Nigeria’s power sector. “This transaction shows that Nigeria’s electricitydistribution sector can attract long-term capital when there is a clear focuson operational excellence and disciplined execution,” Peters said. “Ourpriority is to strengthen EKEDC through infrastructure upgrades, improvedefficiency, and integrated energy expertise, while ensuring regulatorycompliance and continuity of service.” Transgrid Enerco stated that EKEDC’s operations willcontinue without disruption. The company reaffirmed its commitment to workingclosely with employees, customers, regulators, host state governments, andlocal communities, as it rolls out a phased programme to improve servicereliability and customer experience. The acquisition positions Transgrid Enerco Limited as awell-capitalised long-term operator in Nigeria’s electricity distributionsector, with a mandate to strengthen EKEDC and contribute to the continueddevelopment of the country’s power market.
Related Articles
Don't miss out on breaking stories and in-depth articles.