West Energy & Fuel Restricted, led by Nigerian govt Wola Joseph-Condotti, has accomplished the sale of its 60 % controlling stake in Eko Electrical energy Distribution Firm (Eko DisCo) in a transaction valued at N360 billion ($250 million), marking one of many greatest privately negotiated offers in Nigeria’s energy distribution sector in additional than a decade.
The client, Transgrid Enerco Restricted, finalized the acquisition after months of negotiations and due diligence, in line with individuals accustomed to the matter. The deal transfers management of one in all Nigeria’s largest electrical energy distributors from West Energy, which acquired the identical stake throughout the 2013 privatization of the previous Energy Holding Firm of Nigeria.
Consortium closes $250 million energy deal
Beneath the phrases of the settlement, West Energy obtained N180 billion ($125 million) in speedy money. The remaining N180 billion was secured by way of financial institution ensures to make sure full settlement to the sellers. Transgrid Enerco is a consortium comprising North-South Energy Firm Restricted, Axxela Restricted and the Stanbic IBTC Infrastructure Development Fund.
The money cost was made in two tranches. N150 billion ($104 million) was paid earlier within the week, whereas the ultimate N30 billion ($21 million) was transferred on Dec. 30, 2025. Transaction paperwork had been executed the identical day on the George Lodge in Lagos, closing the deal simply forward of the Jan. 1 begin date for Nigeria’s revised capital positive aspects tax regime.
West Energy completes decade-long exit
West Energy initially paid about $135 million for the 60 % stake throughout the unbundling of PHCN, a reform geared toward opening Nigeria’s electrical energy sector to non-public funding. Since then, Eko DisCo has remained one of many nation’s most commercially lively distribution corporations, serving components of Lagos and surrounding areas.
For West Energy, the sale brings a clear exit after greater than a decade within the enterprise and frees up capital for future investments. The corporate owns and operates energy era and distribution property and has been an lively participant in Nigeria’s energy sector reforms, specializing in community upgrades, operational methods and company governance.
Wola Joseph-Condotti acknowledged for management, governance
Wola Joseph-Condotti, who serves as group managing director and chief govt officer, has performed a central position in steering the corporate by way of regulatory adjustments and sophisticated stakeholder relationships. Her management has drawn trade consideration, notably following her transition from common counsel to CEO.
In 2024, she obtained the inaugural Management Excellence Award on the Authorized Period Africa Awards, changing into the primary recipient in that class. She has additionally been named among the many Ascent Prime 100 Profession Girls in Africa for 2025, chosen as INSEAD Enterprise College’s “INSEADer of the Month” in April 2024 and listed by Enterprising Girls Awards Africa as one of many continent’s most inspiring girls.
Past her govt position, Joseph-Condotti serves on a number of boards, providing advisory enter on authorized, company and enterprise issues. Her affiliations embrace the Girls in Power Community, Electrical energy Regulation Studies, the Lagos Chamber of Commerce and Business’s advocacy committee, Exponential Basis Nigeria, and different nonprofit {and professional} organizations.
