The Chief Operating Officer, Ibadan Electricity Distribution Company (IBEDC), Engr. John Ayodele, has decried a monthly losses of N4.9 billion to energy theft, vandalism, saying that if the company is not a service oriented, it should be declared bankrupt by now.
Speaking during the 2021 half year press conference in Ibadan, Engr. John Ayodele said in 2020 alone, the company recorded a loss of N56.1 billion out of N117.061 billion energy cost, saying that Ministries, Departments and Agencies (MDAs) under its franchise are owing the company N8.5 billion.
“We are currently running at a loss. If this business is not tied to service, may be, we should be bankrupt by now. Every week, we recorded cases of vandalized transformers; cable thefts, incessant meter by-pass of which about 200,000 customers are in this category. Over 15,032 captured cases of energy theft between January and July 2021. Seven out of every 10 new meters installed are bypassed in the first week of installation, incessant vandalization of distribution assets, about 122 incidence in 2020 alone running into over N200 million loss annually. We are operating under very difficult terrain”, he lamented
IBEDC’s franchise area includes the Oyo, Ogun, Osun, Kwara and part of Kogi, Ekiti and Niger states.
In his presentation, Chief Business Transformation & Strategy Officer IBEDC, Mr. Iranola Ayodeji, explained that N18.20 billion has been expended on network expansion and additional N91 billion has been slated for network improvement, meters and customers’ automation in the next five years.
He noted that to improve the distribution network and service delivery efficiency to customers, IBEDC has rehabilitated 39 dilapidated injection substations; replaced two failed power and 381 distribution transformers; added 2,632 distribution substations; reconstructed 6 new 33kV and 6 new 11kV outgoing feeders, and rehabilitated 22 High Tension (HT) and 52 Low Tension (LV) overhead lines.
Ayodeji further stated that the company has migrated to a state of the art billing system for timely and accurate billing, installed a more robust vending platform able to handle online real time vending, introduced e-payment channels to ease customers’ vending and payment needs, upgraded and re-branded customers contact centers, installed a CRM system to enable resolution of customer complaints as well as installation of meters to over 10,000 Distribution Transformers and 360 feeders.