The management of Eko Electricity Distribution Company Plc (EKEDC) has dismissed rumours suggesting that the company has been sold or taken over, affirming that it remains fully operational and legally recognized in Nigeria.

In a statement released on Tuesday by its spokesperson, Babatunde Lasaki, EKEDC explained that the establishment of a new firm, Excel Electricity Distribution Company Limited, was done to comply with regulatory directives from the Lagos State Electricity Regulatory Commission (LASERC), following the introduction of the Electricity Act 2023.

The company said the Act transferred control of the electricity market to state governments, which led LASERC to instruct Eko DisCo—previously operating in both Lagos and Ogun States—to create a new entity for its Lagos operations.

Lasaki clarified that Excel DisCo is entirely owned by EKEDC and will handle electricity distribution within Lagos under LASERC’s authority. He noted that the move was a structural adjustment, not a sale or change of ownership.

“This transition is only regulatory. Customers will still deal with the same staff and enjoy the same services as before, even as we adopt the new name Excel DisCo,” he said.

The company also reaffirmed that its ownership remains unchanged, with West Power and Gas Limited holding a 60 per cent stake and the Bureau of Public Enterprises representing the Federal Government with 40 per cent.

EKEDC added that it has restructured into a holding company to oversee its new subsidiary while maintaining normal operations.

Reassuring customers, the company stated that the name change will not affect electricity supply or service quality.

The clarification followed LASERC’s recent announcement confirming Excel DisCo and IE Energy Lagos Limited (owned by Ikeja Electric) as newly registered entities that will operate under its regulation in compliance with the Electricity Act 2023.