Eko DisCo registers Excel Electricity Distribution Company as 100% subsidiary

 Eko Electricity Distribution Company (EKEDC) has created a caller subsidiary, Excel Electricity Distribution Company Ltd., to grip its powerfulness organisation concern wrong Lagos State.In a connection connected Tuesday, General Manager, Corporate Affairs, EKEDC, Mr Babatunde Lasaki, said the caller institution is afloat owned by Eko DisCo.

According to it, the institution was registered to conscionable the requirements of the Lagos State Government and the Electricity Act 2023.

 “As a result, the Lagos State Electricity Regulatory Commission (LASERC) mandated that Eko DisCo, which presently operates successful some Lagos and Ogun States, found a abstracted entity exclusively for its Lagos operations.

“Accordingly, EKEDC has incorporated Excel Electricity Distribution Limited to negociate its Lagos operations nether the regulatory oversight of some LASERC and the Nigerian Electricity Regulatory Commission (NERC),” EKEDC said.

The institution emphasised that Eko Electricity Distribution Company Plc has not been sold, transferred, oregon dissolved.

According to the management, the institution remains a afloat operational and legally recognised entity nether Nigerian law.

“Eko Electricity Distribution Company Plc remains owned by West Power and Gas Limited (WPG) with a 60% shareholding, and the Bureau of Public Enterprises (BPE), holding the remaining 40 per cent connected behalf of the Federal Government of Nigeria,” the DisCo clarified.

“Excel Electricity Distribution Limited is simply a 100 per cent subsidiary of EKEDC and volition present execute each distribution-related activities antecedently handled by EKEDC successful Lagos State,” it added.

It said that each existing lawsuit work unit would stay the aforesaid portion billing and outgo processes stay unchanged for now.

“The lone noticeable alteration volition beryllium the modulation successful branding from Eko DisCo to Excel DisCo.

The institution advised customers and stakeholders to proceed contacting their accustomed work representatives for each inquiries and enactment during this transition.

As portion of the restructuring, Eko Electricity Distribution Company Plc has transitioned into a holding company.

This change, made successful compliance with regulatory directives, volition not disrupt work transportation oregon operational ratio successful Lagos.

The absorption reiterated its committedness to maintaining precocious standards of firm governance and regulatory compliance.

It besides reaffirmed its dedication to delivering reliable, efficient, and sustainable energy proviso to each customers done its recently licensed subsidiary, Excel DisCo.

“This improvement is purely a regulatory and structural transition, not a takeover oregon divestment,” the institution stressed.

 “This clarification is indispensable to guarantee nationalist knowing and transparency regarding important developments successful Nigeria’s energy sector.”

The station Eko DisCo registers Excel Electricity Distribution Company arsenic 100% subsidiary appeared archetypal connected Vanguard News.