The Eko Electricity Distribution Company Plc (EKEDCP) on Wednesday said that it has spent over N1.44 billion on projects expansion to boost electricity supply to customers in the last three years.
The EKEDCP Chief Executive Officer, Mr Oladele Amoda disclosed this during the news conference in Lagos to marked three-year post-privatisation of handing over distribution companies to owners.
NAN reports that on Nov. 1, 2013, the Federal Government handover the transactions of the five generation companies and 11 distribution companies to private owners.
Amoda said that the company had embarked on massive rehabilitation and reinforcement of dilapidation of its network, adding that over 400 transformers had been installed in various locations to reduce low shedding of supply.
He said that the company had embarked on newly construction of five injector substations within its network to beef up supply to major areas of the state which is expected to be completed in the third quarter of 2017.
According to him, we have commenced construction of five 33/11KVA injection substations in Surulere , Ikoyi and Ajah axis which will cost the company over N1 billion.
“ EKO disco had made modest improvement in electricity supply in the last three years of post-privatisation but still confronted with little challenges.
“Over N1.44 bvillion had been spent on various projects expansion within the company to boost electricity supply to customers in the last three years,’’ he said.
The EKEDCP boss said that the over N 53 billion would be required for effective metering of customers within its network.
He said that over N 5 billion had been spent on metering of maximum demand and non-maximum demand customers to date.
He said that said that about 6,000 meters had been pencilled down for roll-out to different customers, while over 67,000 had been installed out of 187 meters delivered by manufacturer.
Amoda, said that energy theft and vandalisation of equipment posed serious challenged to the company, adding that billions of naira had been spent on replaced vandalised equipment.
He said that the money that was meant for expansion and development of the network was been used to replaced vandalised equipments, which posed serious concern to the company.
The CEO said that despites all success recorded, the company was still faced with liquidity challenges which stood but N900 billion gap due to high rate of foreign exchange.
He said that policies of government on foreign exchange had made international lenders sceptical of giving loans to power industry in the country which also posed serious challenge to power investors.
According to Amoda, inability of Federal Government Ministries, Department and Agencies (MDAs) to pay their outstanding debts of over N11 billion owing EKEDCP as at July 2016 affected the company greatly.
“ To enhance productivity of the workforce, staffs had undergone training and are still going through training in different areas in business process development, strategic customer relationship, safety, technical efficiency and revenue cycle management.
“We have invested over N 55.2 million on staff training and capacity development.’’