The Ikeja Electric on Wednesday signed a Memorandum of Understanding with Mojec International, a local meter manufacturer, for the supply of 2,055 Distribution Transformers meters.
Anthony Youdeowei, the Acting Chief Executive of IE, said during the signing of agreement in Lagos that over N570 million was invested for the meter procurement.
Youdeowei, who was represented by Olawunmi Olukoju, the company’s Chief Finance Officer, said that the investment was a further demonstration of the company’s commitment to a turnaround in the experience of the consumers.
He said that energy accountability had been a major problem in Nigeria’s energy sector.
He said: “It is therefore necessary that we continue to invest and commit resources to improve our capacity to meter, correctly and fairly, the consumption patterns of as many customers as we can.
“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.
“After careful consideration, using our estimated billing methodology, customers get a more transparent, fair and accurate bill.”
The IE boss said the company was proud to partner with Mojec International Limited, a local content manufacturer that had proved their worth as far as metering was concerned.
Youdeowei said that the partnership would enable IE to achieve total metering of their feeders and DT as well as proceed further into other areas of mutual interest.
He said that the company was challenged on domestic metering due to devaluation of naira, adding that the company would soon commence installation of effective metering to residents within its network.
Chantelle Abdul, the Chief Executive Officer, Mojec International Limited, said that the company had produced and supplied about 1,200 distribution transformer meters to the company out of 2,055 required.
Abdul said that metering of consumers and transformers were capital intensive, adding that Distribution Companies alone could not do it without the assistance of the Federal Government, Central Bank of Nigeria and commercial banks.
She promised to fulfil their part of the agreement, adding that this was the first time the company was partnering with DISCOs on mass meter production.
The Minister of Power, Works and Housing, Babatunde Fashola, once said the government and Nigerian Electricity Regulatory Commission were in talks with investors in the 11 electricity distribution companies on a plan to have a separate meter supply industry that could bridge the metering deficit.