A consortium of Nigerian firms, North-South Power, Axxela, and Stanbic Infrastructure Fund has won a bid to acquire a majority stake in Eko Electricity Distribution Company (EKEDC).
Though the actual acquisition amount is not known, the consortium that won the bid was said to have paid the minimum 10% commitment fee.
But Financial experts said the deal could exceed $200 million and is expected to close early in 2025.
The consortium comprises North-South Power (NSP), owners of Shiroro Dam; Stanbic Infrastructure Fund (the largest infrastructure fund in the country); and Axxela (one of Nigeria’s largest gas producers).
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According to multiple sources, the consortium won the bid to acquire the stake in Eko Disco after a competitive process that began earlier in 2024.
Following the successful bid, all parties are now in the conditions precedent phase, where a set of conditions must be met before the deal can be finalized.
Once completed, Eko DisCo’s new ownership will include a combination of upstream and midstream players, making it one of the largest integrated electricity distribution companies in Nigeria.
The final purchase consideration will be determined upon completion of the conditions precedent and authorize by the industry’s regulatory agenci
