Meet Olubunmi Peters, new boss of Eko DisCo

A N360 billion ($250 million) takeover that reshapes one of Nigeria’s prized electricity territories has pushed Olubunmi Peters into view. Peters chairs Transgrid Enerco Ltd., the consortium that acquired a 60% stake in Eko Electricity Distribution Co., which serves parts of Lagos and the Agbara industrial area in Ogun state.

The Dec. 30 signing capped a sale by West Power & Gas Ltd., known as WPG. Reports said N180 billion was paid in cash, with the remainder backed by bank guarantees. The rush to close came ahead of a new capital gains tax regime set to begin Jan. 1, 2026.

Transgrid Enerco’s lineup shows how infrastructure capital is clustering around power assets. The group includes North South Power, Axxela and the Stanbic IBTC Infrastructure Growth Fund. The new owners have talked of raising distribution capacity to about 1,500 megawatts, a steep climb in a sector still hit by grid limits and weak collections.

Peters built much of his public profile outside electricity, through road maintenance and federal service. A civil engineer, he served as managing director and chief executive of the Federal Roads Maintenance Agency in 2003 and 2004, then returned to lead the agency from 2006 to 2009. Associates recall a manager focused on planning, budgets and field delivery.

Peters earned a civil engineering degree from the University of Texas at El Paso and later completed a master’s program in highway engineering at California State University, Los Angeles. He has also been described as an infrastructure manager with an interest in engineering economics.

After leaving government, his footprint widened into finance, healthcare and data services. Public listings link him to the FirstCentral Credit Bureau as a director, and to roles connected with Prepaid Medicare Services and Covenant Securities and Asset Management. He has also been associated with ICIB and BP Investments, a holding company with interests across sectors.

Power is now the clearest thread. Peters is executive vice chairman and chief executive of North South Power, operator of the 600 megawatt Shiroro hydropower plant under a long term concession. In 2024, Nigeria’s sovereign wealth fund announced a joint venture with the company for a 20 megawatt on grid solar and hydro hybrid pilot at Shiroro.

Now, with Eko DisCo under new control, Peters and his partners must translate capital and credibility into steadier electricity for homes, ports and factories. The market will judge them quickly there.