Eko DisCo Registers Excel Electricity Distribution Coy As Subsidiary

The Eko Electricity Distribution Company Plc (Eko DisCo) has formally registered Excel Electricity Distribution Company Limited arsenic a 100% subsidiary to instrumentality implicit the operations of its energy organisation concern successful Lagos State.

A connection issued connected Tuesday by the Management of Eko DisCo said this was successful compliance with Lagos State Government regulatory requirements.

“This restructuring follows the enactment of the Electricity Act 2023, which devolved regulatory oversight of the energy marketplace to authorities governments.

“Consequently, the Lagos State Electricity Regulatory Commission (LASERC) required Eko DisCo, which operates successful 2 states (Lagos and Ogun States) to registry a abstracted entity for its Lagos State operations. Eko DisCo truthful registered its subsidiary, Excel Electricity Distribution Limited to run its organisation concern nether the regulatory oversight of LASERC and NERC (Nigeria Electricity Regulatory Commission),” it clarified.

The Management besides stressed that Eko Electricity Distribution Company Plc has not been sold oregon taken over, saying Eko DisCo remains a legally recognised and operational entity duly incorporated nether Nigerian law. “There has been nary sale, transportation of ownership, oregon dissolution of the company,” it clarified.

“EKEDC besides known arsenic Eko DisCo continues to beryllium arsenic a ineligible entity, with 60 per cent shareholding retained by West Power and Gas Limited (WPG) — the halfway capitalist and the BPE which is holding the equilibrium 40% shareholding connected behalf of the FGN. The institution continues to run nether afloat compliance with bully firm governance and regulatory frameworks.”

“The recently licensed Excel Electricity Distribution Limited is simply a 100% subsidiary of EKEDC. It volition execute each the energy organisation activities antecedently done by EKEDC nether EKO DISCO. All customers of Excel DisCo volition proceed to beryllium served by the aforesaid unit who served them successful EKO DISCO and should wage their bills successful the aforesaid mode they person been paying. They volition announcement the sanction alteration arsenic we modulation the sanction from EKODISCO to Excel Disco. For now, they should proceed to interaction the aforesaid unit they usually interaction for each their work needs and lawsuit requests,” it further explained.

Meanwhile, arsenic portion of the transition, Eko Electricity Distribution Company Plc has transmuted into a holding company, noting that the structural alteration carried retired successful regulatory compliance would successful nary mode impair its operations successful Lagos State.

“Management hereby reiterates that Eko Electricity Distribution Company Plc remains a cardinal subordinate and capitalist successful the Lagos energy ecosystem, committed to delivering reliable, efficient, and sustainable powerfulness proviso to each customers done Excel Disco. The caller licensing developments correspond a regulatory and structural transition, not a takeover oregon divestment.

“This clarification became indispensable successful the involvement of factual accuracy and nationalist knowing of important developments successful the energy sector,” Eko DisCo added.