The Eko Electricity Distribution Company Plc (Eko DisCo) has firmly denied reports suggesting that the company has been sold or taken over, emphasizing that it remains a legally recognized and fully operational power distribution company under Nigerian law.
In a statement released on Tuesday by its spokesperson, Babatunde Lasaki, the company clarified that it has merely established a new subsidiary, Excel Electricity Distribution Company Limited, as part of a regulatory compliance process prompted by the Electricity Act 2023.
According to the management, the move is part of a structural and regulatory transition, not a sale, merger, or divestment.
Eko DisCo Reaffirms Ownership and Regulatory Compliance
Addressing the circulating reports, Eko DisCo stressed that the creation of Excel Electricity Distribution Limited was a direct response to new regulatory requirements introduced by the Lagos State Electricity Regulatory Commission (LASERC).
Under the Electricity Act 2023, the federal government devolved significant regulatory powers to state governments, allowing states to establish their own electricity regulatory commissions.
Consequently, LASERC directed electricity distribution companies operating within Lagos to register separate entities for state-level oversight.
“Eko Electricity Distribution Company Plc has not been sold or taken over. We remain a fully recognized and operational entity duly incorporated under Nigerian law,” the management stated.
The company explained that Eko DisCo, which previously operated across both Lagos and Ogun states, has now created Excel Electricity Distribution Limited—a wholly owned subsidiary—to handle its Lagos operations under LASERC’s supervision.
Transition to Excel DisCo: Structure and Ownership Remain Intact
The management clarified that Excel DisCo is a 100 per cent subsidiary of Eko Electricity Distribution Company Plc, and will continue to handle all electricity distribution activities previously managed by Eko DisCo in Lagos.
“Excel Electricity Distribution Limited will perform all the distribution functions previously handled by Eko DisCo under the same management and operational framework,” the company said.
Customers, according to the firm, will begin to notice gradual rebranding and name changes from Eko DisCo to Excel DisCo, but the change will not affect service delivery, billing systems, or customer relationships.
“Customers are advised to continue paying their bills and contacting the same personnel for all service-related issues. The restructuring will not disrupt our daily operations or customer experience,” the management assured.
The company further revealed that Eko DisCo has now transitioned into a holding company, overseeing Excel Electricity Distribution Limited and future subsidiaries that may be established in line with evolving regulatory structures.
Eko DisCo Ownership Remains Unchanged
To dispel any lingering doubts about its ownership structure, Eko DisCo reaffirmed that West Power and Gas Limited remains the majority shareholder with 60 per cent equity, while the Bureau of Public Enterprises (BPE) retains 40 per cent on behalf of the Federal Government of Nigeria.
“As part of this transition, Eko Electricity Distribution Company Plc has transmuted into a holding company.
This restructuring, carried out in full compliance with regulatory directives, does not affect our ownership, governance, or operational continuity,” the company emphasized.
The management described the reorganization as a strategic alignment with Nigeria’s evolving electricity regulatory environment, ensuring that the company remains compliant while continuing to invest in sustainable power distribution across Lagos State.
Electricity Act 2023 Reshapes Nigeria’s Power Sector
The Electricity Act 2023 represents one of the most significant reforms in Nigeria’s power sector, decentralizing electricity regulation and granting states the authority to issue licenses, regulate tariffs, and manage grid operations within their jurisdictions.
For companies like Eko DisCo, which operate across multiple states, the Act necessitated the establishment of state-specific subsidiaries to comply with each state’s regulatory framework.
Industry analysts believe this reform will promote healthy competition, localized oversight, and improved accountability within Nigeria’s electricity market.
It also enables states like Lagos to tailor power policies to their energy needs and urban infrastructure.
LASERC has already confirmed that Excel DisCo and IE Energy Lagos Limited (a new subsidiary created by Ikeja Electric) will now operate under its regulatory supervision.
Commitment to Reliable Power Supply and Customer Satisfaction
Eko DisCo reassured its customers and stakeholders that the company’s commitment to reliable, efficient, and sustainable power distribution remains unwavering.
The company pledged to continue investing in modern infrastructure and smart grid systems to improve electricity delivery across its service areas.
“The transition is purely administrative. Our customers remain at the heart of our operations, and we are committed to maintaining uninterrupted service delivery and network reliability,” the statement said.
The management also described the clarification as essential to counter misinformation and maintain public trust, especially amid the speculation surrounding ownership changes in Nigeria’s electricity distribution sector.
“As one of Nigeria’s foremost power distributors, Eko DisCo remains dedicated to supporting Lagos State’s industrial growth and residential energy access through Excel DisCo,” the statement concluded.
