Transgrid Enerco Acquires 60% Stake in Nigeria’s Second Largest DisCo

Transgrid Enerco Limited, a consortium comprising Stanbic IBTC Infrastructure Growth Fund (SIIF), North-South Power Company Limited (NSP), and Axxela Limited, has acquired a 60 percent equity stake in Eko Electricity Distribution Company (Eko DisCo).

BusinessDay’s findings showed the transaction represents the first market-driven acquisition in the power sector, signaling a bold new era for electricity distribution in Nigeria.

NSP is a leader in hydroelectric power generation, Axxela specializes in gas infrastructure and energy solutions, and 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 modernize Eko DisCo’s operations, enhance customer service, and expand its electricity distribution capacity from 513MW to 1,500MW within the next few years.

“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,” Olubunmi Peters, chairman of Transgrid Enerco said at the signing ceremony.

A statement about the transaction showed this acquisition aligns with Transgrid Enerco’s mission to empower communities, promote sustainability, and drive economic advancement through reliable power supply.

“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 statement said.

It added, “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.