December 30, (THEWILL) — West Power & Gas Limited (WPG) has completed the sale of its 60% controlling stake in the Eko Electricity Distribution Company (Eko DisCo) to the Transgrid Enerco Limited–led consortium in a transaction valued at approximately ₦360 billion.
The landmark deal, one of the largest privately negotiated takeovers in Nigeria’s power distribution sector since the 2013 privatisation of the defunct Power Holding Company of Nigeria (PHCN), was finalised on Tuesday, December 30, 2025, following several months of negotiations and due diligence.
The acquisition transfers controlling interest from WPG, which originally acquired the stake for about $135 million during the 2013 unbundling.
Details of the transaction indicate a blended payment structure combining immediate liquidity with deferred settlement.
Transgrid Enerco—a consortium comprising North-South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund—paid ₦180 billion upfront in cash, while the remaining ₦180 billion was secured through bank guarantees to ensure full settlement to the sellers.
The cash component was disbursed in two tranches, with ₦150 billion paid earlier in the week and a final ₦30 billion payment made on December 30.
Final execution and signing of the transaction documents took place at the George Hotel in Lagos, officially closing the deal ahead of the January 1 implementation of Nigeria’s revised capital gains tax regime.
The acquisition is expected to inject fresh capital and operational expertise into Eko DisCo, which services key commercial and residential hubs in Lagos and parts of Ogun State.
For North-South Power, the owner of Shiroro Dam, the deal provides direct control over the distribution value chain, potentially addressing the long-standing industry challenge of remittance gaps.
THEWILL reports that this transition marks the first major market-driven acquisition in the sector that was not triggered by regulatory intervention or loan defaults.
The new owners have outlined an ambitious vision to modernize infrastructure and expand Eko DisCo’s distribution capacity from 513MW to 1,500MW in the coming years.
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