Transgrid Enerco Limited, a strategic alliance between North South Power Company Limited (NSP), Axxela Limited, and Stanbic IBTC Infrastructure Growth Fund (the Fund), has signed a Share Purchase Agreement (SPA) for the proposed acquisition of a 60% equity stake held by West Power and Gas Limited in Eko Electricity Distribution Company (Eko DisCo).
Eko DisCo serves the southern part of Lagos State and the Agbara community in Ogun State, which are pivotal to Nigeria’s industrial and commercial development.
Upon obtaining the relevant regulatory approvals, this historic transaction will represent Nigeria’s first market-driven acquisition in the power sector and will set the stage for a transformative era in electricity distribution.
The transaction is expected to be finalized by April 2025 subject to obtaining the relevant regulatory approvals.
A New Era in Nigeria’s Energy Landscape
This proposed acquisition underscores Transgrid Enerco’s commitment to tackling Nigeria’s critical energy challenges by delivering reliable, innovative, and sustainable electricity solutions. The consortium brings together the diverse expertise of its partners:
North South Power Company Limited: Renowned for its leadership in hydroelectric power, providing decades of experience in sustainable energy.
Axxela Limited: Nigeria’s leading gas infrastructure company, specializing in innovative energy solutions for industrial and commercial sectors.
Stanbic IBTC Infrastructure Growth Fund (managed by Stanbic IBTC Asset Management Limited): The country’s largest asset manager offering robust financial strategies for wealth creation and preservation.
Speaking at the signing ceremony, Engr. Olubunmi Peters, PhD., Chairman of Transgrid Enerco, emphasized the broader impact of the transaction:
“Today marks more than a business transaction—it is a bold statement of our collective determination to address Nigeria’s critical energy challenges. This proposed acquisition will position Transgrid Enerco as a leader in driving innovation, sustainability, and community-focused solutions. With the right expertise, capital, and leadership, we are committed to modernizing infrastructure, delivering reliable electricity, and fostering economic growth for all stakeholders.”
Mr. Charles Momoh, Chairman of WPG, commented:
“After successfully positioning Eko Disco as undoubtedly one of the leading discos in Nigeria, against immense macro and sector-specific headwinds, WPG is delighted to welcome a new core shareholder to Eko Disco. We are confident that Transgrid Enerco will, upon obtaining the relevant regulatory approvals, capitalize on the positive changes occurring within the fast-evolving Nigerian electricity market to reposition Eko Disco to access new sources of capital, expertise, and technology that would enhance its network infrastructure, operational efficiency, and service delivery. We are entrusting Eko Disco’s employees and customers to a top-class operator who will usher in a new era of growth and excellence in service delivery.”
About Transgrid Enerco
Transgrid Enerco is a forward-thinking energy investment company created to redefine Nigeria’s power sector. The company is dedicated to sustainable energy solutions that empower communities, foster economic growth, and support a brighter energy future for Nigeria.
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Email: press@transgridenerco.com
