According to the commission, the appointment aligns with the Code of Corporate Governance for the Nigerian Electricity Supply Industry, ensuring leadership continuity at the company pending the selection of a substantive CEO.
“Aligned with the Code of Corporate Governance for the Nigerian Electricity Supply Industry, this appointment ensures leadership continuity pending the DisCo’s appointment of a substantive CEO,” NERC stated.
Ms. Adegbenro had previously been named Acting CEO by the Eko DisCo board in March 2024. Her confirmation comes as the company strengthens its leadership following the recent changes in its executive team.
Earlier in January, Wola Joseph-Condotti had served as interim CEO, shortly after the resignation of Rekhiat Momoh, who had led the company for nearly two years. Momoh’s tenure had been solidified in November 2025 after months in an acting capacity. The leadership changes follow the redeployment of former MD/CEO Mrs. Tinuade Sanda back to WPG Ltd, the core investor that had seconded her to Eko DisCo.
The move coincides with significant ownership changes at Eko DisCo. Last December, TransGrid Enerco Limited finalized the acquisition of a 60% controlling stake in the company in a deal valued at approximately N360 billion. The acquisition, initially expected to close by April 2025, was completed on December 30, 2025, marking one of the largest private takeovers in Nigeria’s power distribution sector since the 2013 privatisation.
According to sources familiar with the transaction, TransGrid Enerco made an initial cash payment of N180 billion, with the remaining N180 billion secured through bank guarantees, ensuring deferred settlement for the sellers. The deal follows WPG’s original 2013 acquisition of 60% of Eko DisCo’s core assets for $135 million during Nigeria’s electricity sector privatisation.
The appointment of Ms. Adegbenro reflects the company’s ongoing efforts to stabilize leadership and navigate the evolving dynamics of Nigeria’s power sector.