The Eko Electricity Distribution Company Plc (Eko DisCo) has formally registered Excel Electricity Distribution Company Limited as a 100% subsidiary to take over the operations of its electricity distribution business in Lagos State.
A statement issued on Tuesday by the Management of Eko DisCo said this was in compliance with Lagos State Government regulatory requirements.
“This restructuring follows the enactment of the Electricity Act 2023, which devolved regulatory oversight of the electricity market to state governments.
“Consequently, the Lagos State Electricity Regulatory Commission (LASERC) required Eko DisCo, which operates in 2 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 (Nigeria Electricity Regulatory Commission),” it clarified.
The Management also stressed that Eko Electricity Distribution Company Plc has not been sold or taken over, saying 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,” it clarified.
“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 which is holding the balance 40% shareholding on behalf of the FGN. The company continues to operate under full compliance with good corporate governance and regulatory frameworks.”
“The newly licensed Excel Electricity Distribution Limited is a 100% subsidiary of EKEDC. It will perform all the electricity distribution activities previously done 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 the name from EKODISCO to Excel Disco. For now, they should continue to contact the same personnel they normally contact for all their service needs and customer requests,” it further explained.
Meanwhile, as part of the transition, Eko Electricity Distribution Company Plc has transmuted into a holding company, noting that the structural change carried out in regulatory compliance would in no way impair its operations in Lagos State.
“Management hereby reiterates that Eko Electricity Distribution Company 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. The recent licensing developments represent a regulatory and structural transition, not a takeover or divestment.
“This clarification became necessary in the interest of factual accuracy and public understanding of important developments in the electricity sector,” Eko DisCo added.
