Ikeja Electric, Mojec Sign MoU for Supply of over 2,000 Meters
Ikeja Electricity Distribution Company and Mojec International Limited have signed a Memorandum of Understanding (MoU) for the supply of over 2,000 Distribution Transformer (DT) meters at a cost of N570 million.
Speaking during the recent MoU signing ceremony in Lagos, the Acting Chief Executive Officer of Ikeja Electric, Mr. Anthony Youdeowei said the deal would enable the company to install meters in all the remaining distribution transformers in its network.
Youdeowei acknowledged that accountability has been the major bane of Nigeria’s power sector, saying it is necessary for the company to continue to invest and commit resources to improve its capacity to meter consumption patterns correctly and fairly.
He stated that the N570 million MoU is a further demonstration of the company’s long term commitment to invest the required sums to ensure there is turnaround experience of its customers.
The Ikeja Disco CEO added that the company had recently spent N150 million to upgrade its Ogudu Injection Substation.
He assured stakeholders that the company would also intensify efforts to supply prepaid meters to customers, adding that the metering scheme was slowed down in 2017 as a result of the high cost of foreign exchange.
“Our resolve to meter every customer is unwavering and as such, we continue to invest huge sums not only to deliberately strengthen the network but to also sustain our meter roll out plan. Our current strategy of metering commercial points is crucial as it allows us accurately determine the amount of energy consumed on a feeder by feeder basis and after careful consideration, using estimated billing methodology, customers get a more transparent, fair and accurate bill,” he explained.
Youdeowei said by partnering Mojec International, the company would achieve total metering of its feeders and distribution transformer and proceed further into other areas of interest.
He disclosed that Mojec had already supplied over 1, 200 DT meters out of a total of about 2,000 DT meters signed under the MoU.
Youdeowei, who was represented by the company’s Chief Financial Officer, Mrs. Olubunmi Olukoju, commended the power sector regulators for considering penalties and fines for energy theft and other related criminal activities that impact the power sector negatively.
“We hope that stronger laws will discourage the wanton attacks on our assets. Progress in these areas is very encouraging even as we continue to contend with other issues like meter bypass, assault on our staff, vandalism of assets, and the general apathy to pay for energy consumed,” he added.
Also speaking, the Managing Director of Mojec, Abdul Chantelle thanked Ikeja Disco for giving her company the opportunity to demonstrate its capability.
She noted that Ikeja Electric has prioritised metering, despite the challenges facing the power sector.
According to the Mojec boss, her company is also providing financing, stressing that metering is not a cheap endeavour but expensive project.
She argued that metering is not something the Discos can achieve alone without the participation of the Central Bank of Nigeria (CBN), commercial banks and the federal government.