We owe CBN, others N8bn ― IBEDC

The management of Ibadan Electricity Distribution Company (IBEDC), on Wednesday, said that the company is owing the Central Bank of Nigeria (CBN), World Bank and others a tune of N8 billion.

This was disclosed by the Chief Operating Officer of the company, Engr. John Ayodele, during the commissioning of a new 15MVA 33KV/11KVA transformer at Ibadan road injection substation, Ijebu-Ode, Ogun State.

He explained that the compliance level of consumers’ as regards payment of utility bills was low compared to services rendered.

Ayodele submitted that less than 60 per cent of consumers’ in Ijebu-Ode pay electricity bill, which he said was one of the factors responsible for adding poor power supply in different locations.

He said IBEDC acquired the 15MVA 33KV/11KVA power plant estimated at N140 million for the use of its customers in the area.

The COO said the installation of the transformer would have multiplier effects on the residents of Ibadan road; Folagbade road; Italapo; Latoogun Adefisan; Mobalufon; Awokoya; Bonojo; Odutola; Ereko among other areas in Ijebu-Ode and its environs.

“In the last five months, we have borrowed almost N 8billion and we are paying interest on the money borrowed. We are partnering with CBN, World Bank and other internal agencies. People don’t pay electricity bills. Less than 60 per cent of the people pay their electricity bill here in Ijebu-ode. The revenue from this side is very low,” he added.

The Regional Manager of IBEDC, Adenoma Adewunmi, said the installation of the transformer would make the company served its customers better.

The transformer was commissioned by the Moyegeso of Itele, Oba (Engr) Mufutau Kasali.

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