Ikeja Electric (IE) Plc said it has installed prepaid meters for around 400,000 out of 1.1 million customers since 2013.
Mr. Ugo Obi-Chukwu, Director of Marketing, IE, made the disclosure during a visit of the Senate Committee on Privatization and Commercialization to the company in Lagos.
The Nigerian News Agency (NAN) reports that the committee was chaired during the monitoring visit of its chairman, Senator Theodore Orji, former governor of Abia.
Obi-Chukwu noted that the number of customers measured under Ikeja Electric was the highest among the 11 DisCos.
Hr said the company is stepping up efforts to further close the measurement gap.
He said DisCo has invested in modernizing its network to ensure reliable and stable power supply to its customers.
Obi-Chukwu said that over the past few years, the company has come up with innovative ideas that will ensure the satisfaction of its commercial and residential customers.
He said the development has led to the bilateral optimization of energy used by some areas of Lagos State such as Magado, Ogudu Government Reservation Area (GR A), Ikeja GRA, Gbagada Phase Two, among others.
He said the service-based tariff used by the company in these locations has been adopted by the Nigerian Electricity Regulatory Commission (NERC) in the new national tariff model.
Obi-Chukwu said that Ikeja Electric has estimated a capital expenditure (CAPEX) that will strengthen its distribution network, improve revenue collection, reduce technical losses and efficient service delivery in the future.
He said the company faces some challenges, however, in particular overdue debt of N70.97 billion owed to the company by its customers.
Obi-Chukwu said most of the debt is owed by ministries, departments and agencies (MDAs).
He stressed that efforts were underway to ensure the repayment of the debt.
Obi-Chukwu said other challenges included energy theft, difficulty accessing foreign currency to procure equipment, the volatility of the naira, and disruptions to the transmission network.
Earlier in her welcome speech, Ms. Folake Soetan, CEO of Ikeja Electric, thanked lawmakers for visiting the company.
Soetan attributed the company’s achievements to collaboration with NERC, the Bureau of Public Enterprises and other stakeholders.
She said the company will continue to invest in modern technology and equipment to ensure quality power supply to its customers.
In his remarks, Orji said the committee’s visit was in line with its statutory responsibility to monitor privatized entities for better performance.
Orji noted that the debt owed to DisCo was huge and a hindrance to its vision of providing a quality supply of electricity to its customers.
He assured company management that the legislative branch of government would look into the matter since the majority of the debt was owed by MDAs. (NAN)
