Eko Electricity Distribution Company has signed a share purchase agreement to sell its 60 per cent equity stake to Transgrid Enerco Limited. General Manager, Corporate Communications and Strategies, Eko Electric, Mr. Babatunde Lasaki, confirmed the development in a Whatsapp reply to inquiries by New Telegraph yesterday. He, however, surprisingly deleted the WhatsApp reply. According to a report by Techpoint.Africa, the agreement was signed by both parties yesterday.

It further explained that Transgrid was formed by an alliance among North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF). According to sources the agreement which was signed yesterday would have its transaction completed in April 2025.

It had been reported early January 2025 that West Power and Gas Ltd (WPG), the parent company of Eko DisCo, was close to selling its entire stake after the North-South Power, Axxela, and Stanbic Infrastructure Fund consortium won the bid to acquire it.

Sources said that the bid to acquire Eko Disco started a year ago. Though the amount of the deal had not been officially made public, sources said it could be excess of $200 million.

An source who pleaded not named as she was not authorized to speak to journalists on the matter opined that the amount could be money well spent as two of the companies — NSP and Axxela Limited — that are among the alliance that formed the Transgrid Enerco consortium are in the Energy sector.

She added that NSP which owns Shiroro Dam will get direct control and insight into Eko DisCo’s operations enabling it to have a clear scope of the company’s cash flow distribution.