West Power & Gas Limited has finalized the sale of its 60 per cent controlling stake in Eko Electricity Distribution Company to Transgrid Enerco Limited for approximately N360 billion.

Sources familiar with the deal confirmed that the transaction was completed on December 30, 2025, marking one of the largest privately negotiated acquisitions in Nigeria’s power distribution sector since the 2013 electricity privatisation.

Although the deal was originally anticipated to close by April 2025, extended negotiations and thorough due diligence delayed its completion until the end of the year, sources said

Sources revealed that Transgrid Enerco paid an upfront N180 billion in cash, with the remaining N180 billion covered by bank guarantees to ensure deferred payment to the sellers.

The cash portion was disbursed in two tranches, with N150 billion paid earlier in the completion week and a further N30 billion settled on December 30.

The final signing and execution of all transaction documents reportedly took place at the George Hotel, officially concluding the deal.

It was earlier reported that the acquisition originated from a Share Purchase Agreement signed in January 2025 between Transgrid Enerco and WPG, the outgoing majority shareholder of Eko Disco.

Unlike many previous ownership changes in Nigeria’s power distribution companies, this transaction was driven neither by financial distress nor regulatory intervention.

Transgrid Enerco, the acquiring entity, is a consortium of strategic and institutional investors focused on energy infrastructure.

Its members include Stanbic IBTC Infrastructure Growth Fund, North-South Power Company Limited, and Axxela Limited.