Ikeja Electric, Magodo residents sign power supply agreement

Nigeria’s leading Electricity Distribution
Company, Ikeja Electric (IE) has signed an agreement with Magodo
Resident Association to invest in electricity infrastructure in the Estate as
well as provide reliable and quality electricity supply to the residents.
The contract, which is in line with the company’s Premium Power Purchase
Agreement, was signed at the association’s community hall in Lagos with
representatives of Ikeja Electric and Magodo Resident Association present.

By this agreement, IE will provide Magodo residents with electricity supply
beyond the existing standards with guaranteed performance levels. In
addition to the improved supply of electricity to the Estate, there will also be
access to dedicated Customer Care and Technical teams for prompt
resolution of queries and/or technical issues within the Estate.

The Chief Operating Officer of Ikeja Electric, Mrs. Folake Soetan,
expressed confidence in the success of the trend-setting agreement which
she noted was in line with the Federal Government's "willing seller, willing
buyer" policy.

“We are confident that this agreement will serve as a model for other power
agreements in the power sector because, while it is in line with the Federal
Government policy, it also reflects our unwavering commitment to our
customers. This has also been made possible by the Nigerian Electricity
Regulatory Commission’s directive to DisCos to provide an enabling
environment with exceptional service delivery,” she said.

Soetan who signed on behalf of IE, described the agreement as a foremost
partnership that would enhance growth and economic development within
the community. She further emphasized on the importance of the agreement to both parties, while reiterating Ikeja Electric’s commitment to
ensure adherence. 

The Chairman, Board of Trustees, Magodo Residents Association, Chief
S.A. Owojori, commended the technical teams from both sides for a job
well done. He described the signing ceremony as a significant achievement
in the community’s efforts at enjoying uninterrupted power supply, noting
that the agreement, if judiciously implemented, will strengthen the
relationship between the community and Ikeja Electric.

Others present at the ceremony from Ikeja Electric include, Chief Technical
Coordinator, Engr. Sunday Oyewole, Chief Network Optimization, Engr.
Abdullahi Mohammed, Head Legal & Regulatory, Mr. Babatunde Osadare,
Business Manager, Shomolu Business Unit, Engr. Olanrewaju Yusuf and
the Project Manager, Wale Atobatele. Members of the Magodo Resident
Association present were Mr. Jade Niboro, Chairman, Magodo Resident
Association, Akin Adepoju, General Secretary and Mr. Kunle Fashogbon
amongst others.

The Premium Power initiative is a power purchase agreement which entails
a commitment to specific service level standards while the customer agrees
to pay a tariff that is above the current MYTO tariff.