The Central Bank of Nigeria (CBN) has commended the electricity distribution company, Eko Electricity Distribution Company (EKEDC) for its efforts in achieving the Federal Government’s and CBN’s intervention schemes in the power sector.
The commendation came during the apex bank’s monitoring and evaluation tour of the CBN-funded Capex intervention facilities for electricity distribution companies.
The CBN delegation, led by the Director of Development Finance, Yusuf Yila, was accompanied by Director of Strategy Management, Clement Buari and the Director of Trade and Exchange, Ozoemena Nnaji.
Speaking on the sidelines after the tour, Yila said: “We are here to ensure that the funds disbursed are adequately utilised, and to listen to the challenges that have emanated in the course of implementing these projects.’
EKEDC spokesperson, Godwin Idemudia, explained that the CBN has embarked on several performance improvement projects to reduce the various challenges plaguing the electricity industry in Nigeria.
Idemudia said the apex bank had been funding the procurement, installation, rehabilitation and replacement of some electricity distribution infrastructure such as 11kv and 33kv feeders, and switchgear, to assist the Discos in delivering adequate and reliable power supply.
Dr. Tinuade Sanda, as expressing appreciation to CBN for its efforts in improving the power sector.
According to her, the projects have brought about the rehabilitation and replacement of obsolete equipment.
On metering, Sanda said: “The NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.”
She further assured the CBN that EKEDC is fully committed to the achievement of the projects in which some of which are still ongoing. According to her, the rationales for these projects are aligned with Disco’s corporate goals and objectives.
Sanda said the firm is diligently working to ensure that these projects are contributing to the company’s growth via the establishment of a market review committee that evaluates the performance of the company monthly as well as a prepaid meter monitoring team that ensures meters installed are not bypassed.