In one of the largest privately negotiated deals in Nigeria’s power sector in over a decade, West Power & Gas Limited (WPG) has completed the sale of its 60% controlling stake in Eko Electricity Distribution Company (Eko DisCo) to Transgrid Enerco Limited.
The transaction, valued at a massive N360 billion ($250 million), marks a strategic exit for WPG after more than ten years as the core investor and signals a major shift in the ownership of one of the country’s most commercially viable electricity distributors.
The deal, which originated from a Share Purchase Agreement signed in January 2025, was finalised on December 30, 2025, just ahead of the implementation of Nigeria’s revised capital gains tax regime.
Under the terms of the agreement, Transgrid Enerco made an upfront cash payment of N180 billion, delivered in two tranches, with the remaining N180 billion secured through bank guarantees.
This acquisition is purely a commercial and strategic move, distinguishing it from previous ownership changes in the sector that were often driven by loan defaults or regulatory actions.
The new owner, Transgrid Enerco, is a powerful consortium of key players in the energy sector, including North-South Power Company (owner of Shiroro Dam), gas producer Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund.
This strategic alignment is expected to inject significant capital and operational discipline into Eko DisCo, which serves the high-density commercial and industrial areas of southern Lagos and parts of Ogun State.
The consortium plans to modernize operations, expand the distribution capacity from 513MW to 1,500MW in the coming years, and improve overall service reliability for customers.
The sale concludes a successful chapter for WPG, led by Group Managing Director and CEO Wola Joseph-Condotti.
WPG acquired the stake for about $135 million during the 2013 privatization of the power sector and has since built Eko DisCo into a top-performing distribution company. The leadership of Joseph-Condotti, who transitioned from General Counsel to CEO, has been widely recognized with several industry awards for her role in navigating the complex sector.
