BY SETIFUNMI LUMEKO
Contrary to insinuations from consumers of electricity that distribution companies benefit massively from estimated billing, the Ibadan Electricity Distribution Company (IBEDC) has declared that the company is losing about N1.6 billion monthly to capping of estimated billing and other issues bordering on metering.
Engr. John Ayodele, IBEDC Chief Operating Officer disclosed this yesterday during a press conference in Ibadan.
He said the company had been willing to meter all customers in line with the Federal Government directive on the mass meter initiative, adding that capping was not good for any business to thrive.
According to him, some of the reasons the company is losing money as a result of the attitude of the consumers which include bypassing their meters and high level of poverty which made it difficult for them to pay their bills.
He posited that the electricity company would have folded up if not that it remained committed to the services it renders to members of the public, adding that he knew the company is operating in very difficult terrain.
Ayodele said: “Ninety per cent of those complaining of estimated billing in the real sense of it does not want meters. They are comfortable with N3,000 billing we are giving them monthly because many are spending more than that amount.”
READ ALSO: This’s not the Nigeria we envisioned – Tunde Bakare
“We are losing money. We are losing about N1.6billion for estimated billing alone. There is a lot of problem with metering. We are running at loss. If it is not a business that it is tied to service, the company would have been bankrupt by now.”
“If you have anybody who is ready to partner with us, we will welcome such people. People who can give us plant in anywhere in our region. People who can assure us ninety per cent availability of power all the time,” Ayodele stated.
