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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.
The Transgrid alliance 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.
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Learn more: mlslegal.co/ssc-intralinks
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