Eko Electricity Distribution Company says it has not been sold or taken over, clarifies regulatory restructuring under the new Electricity Act 2023
Eko Electricity Distribution Company has dismissed recent reports suggesting it has been sold or taken over, stating instead that its current restructuring is in line with new regulatory obligations, not a divestment.
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In a statement on Tuesday, the company clarified that it remains a fully operational and legally recognised entity, contrary to social media speculation that it had changed ownership.
According to spokesman Babatunde Lasaki, the registration of a new subsidiary — Excel Electricity Distribution Company Limited — is a regulatory compliance measure, mandated by the Lagos State Electricity Regulatory Commission (LASERC) following the enactment of the Electricity Act 2023.
“Eko Electricity Distribution Company Plc has not been sold or taken over,” the management said. “The move is a structural and regulatory transition, not a divestment or change in ownership.”
The Electricity Act 2023 empowers states to regulate their internal electricity markets, prompting LASERC to instruct Eko DisCo — which previously operated across Lagos and Ogun States — to create a separate entity for its Lagos operations.
To comply, the company established Excel Electricity Distribution Limited, which will assume all power distribution responsibilities within Lagos State.
The new firm is a wholly owned subsidiary of EKEDC, meaning there is **no change in ownership or management.
Lasaki explained that the restructuring ensures alignment with state-level regulation, but stressed that customers will experience no service disruption.
“Excel will operate under the same structure and with the same staff and processes as Eko DisCo,” he said.
“Customers may notice a gradual rebranding from Eko DisCo to Excel DisCo, but all service relationships remain unchanged.”
Ownership also remains intact. Eko DisCo confirmed that it is still jointly owned by West Power and Gas Limited (60) and the Federal Government of Nigeria via the Bureau of Public Enterprises (40%).
With the creation of the new subsidiary, EKEDC has now become a holding company, overseeing its regional operations in compliance with national reforms.
“This change does not affect our commitment to providing safe, reliable and sustainable electricity. We remain a major player in the Lagos energy ecosystem,” the company said.
The clarification follows LASERC’s weekend announcement officially recognising Excel DisCo as the entity registered to operate under its jurisdiction, alongside IE Energy Lagos Limited, a subsidiary of Ikeja Electric.
The development marks a significant shift in Nigeria’s electricity regulatory framework, as states begin to assume greater control under the decentralised regime established by the new Electricity Act.
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Despite initial confusion over the nature of the changes, Eko Electricity Distribution Company reiterated that its operational and legal integrity remains fully intact, and customers should continue their engagements as usual.
