Eko DisCo not sold or taken over, still owned by West Power & Gas, FG – Lasaki, Head, Corporate Communications, EKEDC clarifies
Oredola Adeola
Eko Electricity Distribution Company Plc (Eko DisCo) has established Excel Electricity Distribution Company Limited as its wholly owned subsidiary to assume control of its power distribution operations in Lagos State, in line with the regulatory requirements of the Lagos State Electricity Regulatory Commission (LASERC).
Babatunde Lasaki, Head of Branding and Corporate Communications at EKEDC, disclosed this in a statement made available to Advisors Reports on Tuesday.
According to him, the development complies with Lagos State Government regulatory requirements.
He revealed that the transition is also in line with the New Electricity Act 2023, which devolved regulatory oversight of the electricity market to state governments.
Lasaki said, “Consequently, the Lagos State Electricity Regulatory Commission (LASERC) required Eko DisCo, which operates in two states (Lagos and Ogun States), to register a separate entity for its Lagos State operations.
“Eko DisCo therefore registered its subsidiary, Excel Electricity Distribution Limited, to operate its distribution business under the regulatory oversight of LASERC and NERC (Nigerian Electricity Regulatory Commission).”
The EKEDC Head of Corporate Communications emphasised that Eko Electricity Distribution Company Plc (EKEDC) has not been sold.
He said, “We would kindly like to highlight that Eko Electricity Distribution Company Plc has not been sold or taken over.
“Eko DisCo remains a legally recognised and operational entity duly incorporated under Nigerian law. There has been no sale, transfer of ownership, or dissolution of the company.
EKEDC Plc remains a legal entity owned by West Power and Gas Limited and the Bureau of Public Enterprises (BPE), representing the Federal Government of Nigeria.
“EKEDC, also known as Eko DisCo, continues to exist as a legal entity with 60 per cent shareholding retained by West Power and Gas Limited (WPG) – the core investor – and the BPE holding the remaining 40 per cent shareholding on behalf of the FGN.
The company continues to operate in full compliance with good corporate governance and regulatory frameworks.”
Lasaki stated that the newly licensed Excel Electricity Distribution Limited is a 100% subsidiary of EKEDC and will perform all the electricity distribution activities previously handled by EKEDC under Eko DisCo.
“All customers of Excel DisCo will continue to be served by the same personnel who served them in Eko DisCo and should pay their bills in the same way they have been paying.
“They will notice the name change as we transition from Eko DisCo to Excel DisCo. For now, they should continue to contact the same personnel they normally contact for all their service needs and customer requests.”
He added that EKEDC has transformed into a holding company as part of this transition.
“This structural change, carried out in regulatory compliance, will in no way impair our operations in Lagos State.
“Management hereby reiterates that EKEDC Plc remains a key player and investor in the Lagos electricity ecosystem, committed to delivering reliable, efficient, and sustainable power supply to all customers through Excel DisCo.”
He therefore stated that the recent licensing developments represent a regulatory and structural transition, not a takeover or divestment.
Lasaki noted that this clarification became necessary in the interest of factual accuracy and public understanding of important developments in the electricity sector.
