The management of Eko Electricity Distribution Company Plc has debunked reports suggesting that the company has been sold or taken over, stressing that it remains a legally recognised and fully functional entity under Nigerian law.
In a statement issued on Tuesday by the company’s General Manager of Corporate Communications, Babatunde Lasaki, Eko DisCo explained that the establishment of Excel Electricity Distribution Company Limited was in response to new regulatory requirements set by the Lagos State Electricity Regulatory Commission, following the enactment of the Electricity Act 2023.
According to Lasaki, the new company was created as part of a “structural and regulatory transition, not a takeover or divestment.”
He said, “Eko Electricity Distribution Company Plc has not been sold or taken over by any entity. We remain a duly incorporated and operational company under Nigerian law. The registration of Excel Electricity Distribution Limited is to comply with LASERC’s directive in line with the Electricity Act 2023.”
The statement clarified that under the new law, the regulation of electricity markets was devolved to state governments.
Consequently, Eko DisCo — which previously operated across Lagos and Ogun States — was directed to create a separate subsidiary to handle its Lagos operations under the supervision of LASERC.
“To comply, we registered Excel Electricity Distribution Limited, a 100 per cent subsidiary of EKEDC, to take over all electricity distribution activities within Lagos State,” Lasaki said.
He further explained that the restructuring would not disrupt service delivery, assuring customers that operations and staff remain the same despite the gradual transition in branding from Eko DisCo to Excel DisCo.
“Customers should not panic. They will continue to receive services from the same personnel and offices. Only the name and regulatory structure are changing, not the ownership or quality of service,” he added.
Lasaki also reaffirmed the ownership structure of the company, noting that EKEDC remains jointly owned by West Power and Gas Limited, which holds 60 per cent of the shares, and the Bureau of Public Enterprises, representing the Federal Government, with 40 per cent ownership.
He further disclosed that Eko DisCo had now transitioned into a holding company, saying, “As part of this process, Eko Electricity Distribution Company Plc has transmuted into a holding company in full regulatory compliance. This transition will not affect our day-to-day operations.”
Reiterating the company’s commitment to sustainable energy distribution, the management assured customers that “Eko DisCo remains a key player and investor in the Lagos electricity ecosystem, dedicated to ensuring reliable and efficient power supply through its subsidiary, Excel DisCo.”
The clarification followed speculations circulating over the weekend after LASERC announced the registration of Excel DisCo as Eko DisCo’s new subsidiary for Lagos operations.
The regulatory body also confirmed that Ikeja Electric had established a similar subsidiary, IE Energy Lagos Limited, both of which will now operate under LASERC’s oversight.
