CBN assures EKEDC of support to improve power sector

By Solomon Asowata

The Central Bank of Nigeria (CBN) visited Eko Electricity Distribution Company (EKEDC) on Wednesday as part of its monitoring and evaluation tour of the CBN-funded Capex intervention facilities for electricity distribution companies in Nigeria. 

The apex bank team was led by the Director of Development Finance, Yusuf Philip Yila; Director of Strategy Management, Clement Buari; and the Director of Trade and Exchange, Ozoemena Nnaji.

In a statement by the EKEDC spokesperson, Godwin Idemudia, the CBN has embarked on several performance improvement projects to reduce the various challenges plaguing the electricity industry in Nigeria.

 The apex bank intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure such as 11kv and 33kv feeders, switchgear, and many more to assist the Discos' capacity in the delivery of adequate and reliable power supply to Nigerians. 

In addition to this, the CBN commenced phase zero of the National Mass Metering Programme (NMMP) in 2020 to address the problem of metering. 

As a result, the CBN monitoring and evaluation team visited the Disco for progress reports on these projects.

In her address, the MD/CEO of Eko Disco, Dr Tinuade Sanda expressed her appreciation to CBN for its effort in improving the power sector. 

She pointed out that CBN-funded Capex projects have aided the Disco in improving its supply to meet the high demand for electricity in its network.

 According to her, the projects have brought about the rehabilitation and replacement of obsolete equipment.

 Concerning metering, Dr. Sanda said, 'the NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.’

Reacting to the progress reports delivered by EKEDC, Mr Phillp Yila commended the Disco for its sheer effort towards the achievement of the Federal Government/CBN intervention schemes.

 He 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.' 

Yila also emphasised that the National Mass Metering Scheme is very important to the CBN as the tour was also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.

The EKEDC MD/CEO assured 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 further explained how EKEDC 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.