The new owner of Eko Electricity Distribution Company, West Power & Gas Limited, has unveiled plans to invest $250m (N39.7bn) to transform the facility and improve its distribution network.
The Chairman of the company, Mr. Charles Momoh, said the fresh investment would be injected into the Disco over the next two years.
He spoke after at the handover of the Disco by Vice-President Namandi Sambo, who was represented by the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, in Lagos, on Friday.
Momoh said the $250m would be invested in metering, cleaning up of the system, cabling, transformers and “making sure that everything is in line with what we have specified.”
He said, “We have the responsibility to light up Lagos and keep it lit. This is the task before us which we must do and do profitably. West Power & Gas is committed to spending over $250m on Capex in the next two years.”
West Power & Gas Limited paid a total sum of $135m for the acquisition of the Eko Disco.
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