Wola Joseph-Condotti Appointed Eko Disco CEO as Rekhia Momoh Resigns
Eko Electricity Distribution Company (Eko Disco), one of Nigeria’s most commercially important power utilities, has appointed Wola Joseph-Condotti as its new Chief Executive Officer following the resignation of Rekhia Momoh, who had led the company for nearly two years
Until her appointment, Joseph-Condotti was Group Managing Director and Chief Executive Officer of West Power & Gas Limited, the former core investor in Eko Disco. Her elevation comes at a moment of unusual strategic significance for the electricity distribution company, following a landmark ownership transition and renewed investor interest in Nigeria’s power distribution segment.
Eko Disco’s Strategic Position in Nigeria’s Electricity Market
Eko Disco occupies a uniquely valuable niche within Nigeria’s electricity supply industry. Its franchise area spans parts of Lagos State that include Victoria Island, Ikoyi, Lekki, Apapa, and other high-density commercial and industrial districts. This geography gives the utility a customer base dominated by banks, telecoms operators, ports, logistics firms, large retailers, hospitality assets, and high-end residential developments.
As a result, Eko Disco is widely regarded as the most commercially attractive distribution company in Nigeria by revenue potential and customer mix, even if not by total number of connections. That advantage, however, comes with elevated expectations around service quality, metering accuracy, and supply reliability.
Recent Commercial Developments: Investment, Divestment, and a Reset
Over the past few years, Eko Disco has moved more decisively toward a commercial, investor-grade operating model—reflecting the reality that distribution companies must now finance themselves, attract capital, and deliver measurable performance in a tightly regulated environment.
A Landmark Ownership Transition
The most consequential development was the sale of a 60 percent equity stake in Eko Disco to the Transgrid Enerco consortium in December 2025, in a transaction valued at approximately ₦360 billion (about US$250 million). The deal marked the first major, fully commercial divestment and reinvestment in a Nigerian DisCo since the 2013 power-sector privatisation.
The Transgrid Enerco consortium includes North-South Power Company Limited, Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund, combining generation, gas infrastructure, and institutional capital under one ownership structure. The transaction was financed through a mix of equity and structured bank funding, and is widely viewed in the market as a test case for whether Nigeria’s power distribution assets can attract long-term private capital on commercial terms.
Joseph-Condotti, in her former role at West Power & Gas, was closely involved in steering the company through this divestment, aligning shareholder strategy with a broader reset of governance, capital structure, and long-term growth priorities.
Metering and Revenue Assurance
Operationally, Eko Disco has intensified its focus on metering, particularly for maximum-demand and high-value commercial customers. The company has been an active participant in the Federal Government’s Presidential Metering Initiative, deploying prepaid meters to reduce estimated billing disputes, improve transparency, and stabilise cash collections.
Metering remains one of the most critical commercial levers in Nigeria’s power sector, and progress in this area is central to Eko Disco’s revenue assurance strategy.
Network Upgrades and Embedded Solutions
Eko Disco has also prioritised targeted network upgrades in high-load corridors such as Lekki, Victoria Island, and parts of the Island business district. These investments are aimed at reducing technical losses, relieving feeder congestion, and improving supply reliability for customers whose operations are sensitive to outages.
In parallel, the utility has explored bilateral supply arrangements and embedded generation solutions where regulation permits, particularly for large commercial and industrial customers seeking more predictable power availability.
Engagement with Lenders and DFIs
The ownership transition has been accompanied by deeper engagement with Nigerian banks and institutional financiers, positioning Eko Disco to access refinancing and capital expenditure funding in a sector still constrained by liquidity challenges and foreign-exchange exposure.
Sector Backdrop: Why Distribution Remains the Pressure Point
Despite incremental reforms, Nigeria’s electricity distribution segment remains the most stressed part of the power value chain. Tariff adjustments continue to lag cost realities, foreign-exchange volatility has inflated equipment and debt-service costs, and public resistance to price increases persists where service improvements are uneven.
At the same time, regulators have become more assertive, with tighter performance benchmarks and greater scrutiny of billing, metering, and service quality. For Eko Disco, operating in Nigeria’s most commercially visible market, these pressures are especially acute.
What Wola Joseph-Condotti Brings to Her New Role at Eko Disco:
Wola Joseph-Condotti is a lawyer, energy-sector executive, and corporate leader whose career combines elite legal training, shareholder-level transaction execution, and deep, hands-on utility operations. She holds an LLB from the University of Ibadan, an LL.M in International Finance Law from Harvard Law School, and an MBA from INSEAD Business School, complemented by International Finance Corporation (World Bank) board evaluation and corporate governance training. She began her career as a legal associate at Banwo & Ighodalo, later serving as General Counsel and Company Secretary at Lagoon Home Savings & Loans. She then joined Eko Electricity Distribution Plc (now Eko Disco), where—well before her current appointment—she progressed through senior roles spanning legal and regulatory compliance, human resources, customer service oversight, data protection, and governance, giving her rare end-to-end operational exposure within a DisCo.
Wola subsequently moved to shareholder leadership as Group Managing Director/CEO of West Power & Gas Limited, where she led strategy and executed the divestment of West Power’s 60 percent stake in Eko Disco in a ₦360 billion (approximately $250 million) transaction—the largest commercial exit in Nigeria’s electricity distribution segment since privatisation—structured with ₦180 billion in immediate cash and ₦180 billion secured by bank guarantees. The acquiring vehicle, Transgrid Enerco, brought together North-South Power Company Limited and Axxela Limited, underscoring the deal’s blend of generation, gas supply, and institutional capital. That transaction—clean, locally structured, and executed at scale—places Joseph-Condotti among a small cohort of Nigerian executives with proven experience converting electricity distribution assets into bankable, exit-ready investments.
Wola’s return to Eko Disco as CEO therefore marks a deliberate shift from regulatory survival to capital discipline and execution: she brings first-hand credibility with lenders and investors, a shareholder mindset focused on cash generation and asset durability, and an insider’s system-level perspective shaped by more than a decade across the company’s legal, operational, and governance functions. An active participant in electricity-reform policy discussions and a founding leader within the Women in Energy Network, she steps into the role not as a turnaround outsider but as an executive who has already monetised the asset, understands its constraints, and is positioned to translate strategy into measurable outcomes—collection efficiency, metering penetration, network reliability, and investor confidence.
Rekhia Momoh’s Departure
Rekhia Momoh’s resignation follows nearly two years at the helm during a period marked by macroeconomic headwinds, regulatory tightening, and limited room for transformational change across the sector. Market observers view her exit less as a crisis and more as part of a shareholder-driven realignment following the ownership transition.
What Lies Ahead: Challenges and Opportunities
Joseph-Condotti assumes leadership at a defining moment for Eko Disco.
Key challenges include:
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Managing customer expectations amid tariff sensitivity
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Funding large-scale network upgrades without overstretching the balance sheet
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Navigating regulatory scrutiny while maintaining commercial discipline
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Containing FX-related cost pressures
Strategic opportunities include:
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Leveraging Eko Disco’s premium customer base for differentiated service models
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Deepening metering and data-driven revenue management
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Expanding embedded generation and bilateral supply solutions
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Positioning Eko Disco as a benchmark for commercially viable electricity distribution in Nigeria
Bottom Line
Wola Joseph-Condotti’s appointment is not a routine leadership change. It comes at a moment when Eko Disco has new owners, fresh capital expectations, and heightened scrutiny as a bellwether for Nigeria’s power-distribution reform. Whether the company can convert its geographic and commercial advantages into sustained operational excellence will shape not just its own future, but investor confidence in Nigeria’s electricity distribution sector as a whole.