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West Power & Gas Limited, led by Nigerian executive Wola Joseph-Condotti, has completed the sale of its 60 percent controlling stake in Eko Electricity Distribution Company (Eko DisCo) in a transaction valued at N360 billion ($250 million), marking one of the biggest privately negotiated deals in Nigeria’s power distribution sector in more than a decade.
The buyer, Transgrid Enerco Limited, finalized the acquisition after months of negotiations and due diligence, according to people familiar with the matter. The deal transfers control of one of Nigeria’s largest electricity distributors from West Power, which acquired the same stake during the 2013 privatization of the former Power Holding Company of Nigeria.
Consortium closes $250 million power deal
Under the terms of the agreement, West Power received N180 billion ($125 million) in immediate cash. The remaining N180 billion was secured through bank guarantees to ensure full settlement to the sellers. Transgrid Enerco is a consortium comprising North-South Power Company Limited, Axxela Limited and the Stanbic IBTC Infrastructure Growth Fund.
The cash payment was made in two tranches. N150 billion ($104 million) was paid earlier in the week, while the final N30 billion ($21 million) was transferred on Dec. 30, 2025. Transaction documents were executed the same day at the George Hotel in Lagos, closing the deal just ahead of the Jan. 1 start date for Nigeria’s revised capital gains tax regime.
West Power completes decade-long exit
West Power originally paid about $135 million for the 60 percent stake during the unbundling of PHCN, a reform aimed at opening Nigeria’s electricity sector to private investment. Since then, Eko DisCo has remained one of the country’s most commercially active distribution companies, serving parts of Lagos and surrounding areas.
For West Power, the sale brings a clean exit after more than a decade in the business and frees up capital for future investments. The company owns and operates power generation and distribution assets and has been an active participant in Nigeria’s power sector reforms, focusing on network upgrades, operational systems and corporate governance.
Wola Joseph-Condotti recognized for leadership, governance
Wola Joseph-Condotti, who serves as group managing director and chief executive officer, has played a central role in steering the company through regulatory changes and complex stakeholder relationships. Her leadership has drawn industry attention, particularly following her transition from general counsel to CEO.
In 2024, she received the inaugural Leadership Excellence Award at the Legal Era Africa Awards, becoming the first recipient in that category. She has also been named among the Ascent Top 100 Career Women in Africa for 2025, selected as INSEAD Business School’s “INSEADer of the Month” in April 2024 and listed by Enterprising Women Awards Africa as one of the continent’s most inspiring women.
Beyond her executive role, Joseph-Condotti serves on several boards, offering advisory input on legal, corporate and business matters. Her affiliations include the Women in Energy Network, Electricity Law Reports, the Lagos Chamber of Commerce and Industry’s advocacy committee, Exponential Foundation Nigeria, and other nonprofit and professional organizations.
