Tag: Ikeja Electric

  • Ikeja Electric, ‘I wan port, but…’

    Ikeja Electric, ‘I wan port, but…’

    I saw it coming. I knew it was going to happen when, suddenly, we started experiencing a phenomenal and seemingly sustained power supply increase in my area a few weeks back. But I did not know that the improved power supply was a function of our forced migration from ‘Band B’ to ‘Band A’. This was apparently because I still had a lot of credit units in my meter. I told my people that Ikeja Electric was rehearsing how to take us to their second premium (I guess I am right) band. I was still empathising with those who were reporting their own experiences concerning the forced migration when mine came. That was on September 13. I paid N20,000 into my meter account, expecting to be credited with the usual 297 units. But I had only 88 units. That was when it dawned on me that I had been migrated from ‘Band B’ to the elite ‘Band A’. Unsolicited!

    If only I had known, I would have vended (the electricity distribution companies’ (DisCos) terminology for recharging) about N100,000 the last time, even if it meant obtaining a loan to pay for it. I know you would say but that too would finish someday. Yes. But it would have lasted beyond the period that the last payment did. By now, I still would have been enjoying the benefit of being on ‘Band B’.

    This piece ought to have come out on September 15 but I could not be talking about electricity ‘banding’ when that was the date Nigeria was to make history with the commencement of sale of petrol by Dangote Refinery. Also, for reasons beyond my control, I could not write last week. But my writing today has turned out to be a blessing in disguise somehow; with my personal experience of Tuesday, September 24.

    Read Also: It is time for a marshall plan for Northern Nigeria

    That would seem to have provided what I can now call a litmus test for the migration to this second upper echelon of power consumers. Last Tuesday, power supply was interrupted in my area. By the time it returned, we did not have electricity in my apartment. I contacted Ikeja Electric. The next day, they came but their official who came told me that my meter was burnt and that must have happened due to overload. For me, only one of the two cables that take electricity to the meter was burnt at the top but the meter was still working; it was at least still reading; just that it was not supplying power. I said where would the overload have come from? None of the air conditioners in my apartment was installed; they are all still in their compartments. Second, as a rule, my wife would never allow anyone use both microwave oven and freezer at the same time; her own way of cutting cost. On my part, I do not even like using the microwave oven often because of fears of cancer that some people say comes with it. So, it was a thing we sparingly use. We iron clothes once in a while, yes. We don’t even use electric kettle as we have been used to using gas for that purpose ever since the days when electricity was scarce commodity in my area. That was quite some time now, though. So, where did the overload come from?

    Anyway, it was after the Ikeja Electric official had left that I got in touch with someone who should know who told me the cable to the meter could also get burnt due to partial contact arising from the failure of the person who installed it to tighten it properly, and that that was what could have happened because he is fairly used to my place. He has an idea of the electrical appliances that we use.

    The Ikeja Electric official said he would connect me directly and that they would have to take the meter away for a new one which I have to pay for. Grudgingly, I accepted direct connection but opposed the idea of making me pay for the replacement of the meter because, one, I was not even sure it was that serious, and two, even if it was, how do you prove overload in view of what I am cock sure I have on the meter that cannot in any way constitute overload, unless the meter is substandard or fake? He said it was neither. Anyway, I reluctantly agreed to direct connection because I know the tug of war that Ikeja Electric and I had in the days when they were still doing estimated billing in our area. I fought the company for one year and was without power supply for the period because I was convinced of the strength of my case. We went to NERC Forum and they were asked to connect me immediately when I told the forum that I had been yanked off the national grid for certain number of months then. We eventually settled the matter and my so-called debt then was substantially reduced, a thing that I settled not because I was convinced I owed but just to let sleeping dogs lie. That is why I don’t want any estimated billing again.

    Anyway, since I have not had power supply up till now since Tuesday, I guess I may not have it until, tomorrow earliest, if not Wednesday, since Tuesday is public holiday. That would make it at least six consecutive days of darkness. I do not think this is right. Premium tariff deserves premium service. That is one of the problems I have with policies in the country. There should be timelines for some of these things. The point is; I am paying for a certain number of hours of power supply daily, a thing that the company, in fairness to it, has kept faith with in the past few months. But now that there is an issue, I do not think the customer should be left in darkness for this long; forget the fact that my meter is, after all, not reading. I want it to be reading so I can get light.

    If electricity workers are regarded as people on essential services, I do not think they should have anything like public holidays or weekends. There should be internal arrangements as to how they organise themselves to give optimum service to their customers, especially now that they are making them pay higher tariffs.

    In the lighter mood, however, which was supposed to be the mode of this write-up before the occurrence of September 24, I have always known that one can only enjoy the White man to the extent of one’s pocket (bi owo ba se mo ni eniyan se maa gbadun Oyinbo mo)! Ikeja Electric should have been patient and let me mature before imposing ‘Band A’ on me. But for my faith, I would have rejected it outright and in fact led a protest of those of us whose fundamental human right to freely choose the power band that we like has been eroded.

    I would have loved to ‘port’ to another DisCo, but I can’t. Like telecommunications, it should be possible. But it is not, at least not yet. Even if it is, I know the difference would not be clear.

    Meanwhile sha, I have claimed ‘Band A’ in Jesus’s name; but I still look forward to tariff reduction! I have always believed our people waste electricity a lot because it is cheap. But this tariff regime is also particularly killing.

  • Ikeja Electric goes hard on energy theft

    Ikeja Electric goes hard on energy theft

    Electricity Distribution Company, Ikeja Electric Plc (IE), at the weekend warned that offenders caught in the act of energy theft will be immediately charged to court. The company emphasised that the era of merely imposing loss of revenue (LOR) penalty alone on offenders is over, as it will now enforce the full weight of the law against offenders.

    The company made this announcement at its July Stakeholders Forum, a monthly enlightenment meeting aimed at educating its customers about the company’s activities and laudable initiatives to foster improved service delivery.

    IE’s Head of Corporate Communication, Kingsley Okotie, lamented the increase in energy theft, especially over the last three months following implementation of the reviewed tariff on Band A feeders. He noted that the company and the entire electricity value chain cannot survive if theft goes unchecked.

    “The theft is massive and the company cannot guarantee meeting customer expectations if this ugly trend continues. Ironically, some perpetrators believe that if they haven’t been caught, there are no consequences. This is false and we must change the narrative,” he said.

    Okotie stated that for the Nigerian Electricity Supply Industry (NESI) to survive, all stakeholders must fight in unison against theft, as pilfering of electricity hinders the stability of the sector. He emphasised that whatever happens to the Distribution Companies (Discos) affects the entire NESI.

    Read Aloso: Ikeja Electric goes hard on energy theft

    Speaking on strategies to curb theft, the company’s spokesman hinted that the whistleblowing platform is a very effective way for customers and well-meaning Nigerians to report incidents anonymously. He added that the platform is managed independently of the business, ensuring customers identity remain anonymous and highly confidential.

    To reinforce the company’s commitment, IE, he disclosed, is incentivising whistleblowing by rewarding those who report any illegality and theft of electricity. Persons who submit verified reports on Non-Maximum Demand (Residential & SMEs) offenders will get up to 10 per cent of the reconnection fee paid by the offender while for Maximum Demand (Commercial & Industrial) offenders, whistle-blowers will get up to five per cent of the reconnection fees paid by the offender.

    He further explained that energy theft is a criminal offence under the Electricity Act, attracting a sentence between six months to three years imprisonment. Interfering with meters or the works of licensees carries a sentence of three years imprisonment.

    “Ikeja Electric can, under the law, prosecute people and companies for the criminal offence of energy theft. In line with regulations stipulated by the Nigerian Electricity Regulatory Commission (NERC), the NERC Order on unauthorized access, meter tampering, and bypass allows Discos to disconnect customers illegally connected to their network. Reconnection is only possible after offenders have paid for the loss of revenue by paying back-bills established by the Disco, along with reconnection costs and administrative charges,” Okotie warned.

    In a related development, the Eko Electricity Distribution Company (EKEDC) has taken steps aimed at recouping over N100 billion it has lost to energy theft and vandalism within its network. The utility also confirmed that it has dismissed about 20 staff members found to be involved in illegal activities and collaborating with customers to tamper with electrical equipment, while also threatening to prosecute residents caught engaging in energy theft and illegal connections.

    The EKEDC Acting Chief Executive Officer, Mrs. Rekhiat Momoh, made this known at its Customer Engagement Forum with customers from the Orile Business District, including Sanya, Orile, Ikate, Doyin, Coker, Aguda, Thomas Animashaun, parts of Eric Moore, TEXLON, Passat, parts of Alaka, Itire and Kernel.

    Momoh, who was represented at the engagement by the EKEDC’s Chief Customer Experience Officer, Mrs Catherine Ezeafulukwe, regretted that energy theft and vandalism have been persistent issues plaguing the service delivery to all its network especially under the Orile District, causing significant financial losses and posing safety risks.

    “The loses we incur as a result of energy theft and vandalism runs into several billions of Naira. This is why we are taking the campaign against energy theft and vandalism seriously because it is negatively affecting our bottom line and also our customers.

    “Energy theft often prevents us from providing efficient service because it affects our facilities and infrastructure, impacting how consumers get electricity. Of course, we pay for energy whether it is distributed to customers or stolen, leading to billions of Naira in losses.

    “Our debt profile is about N100 billion and our collection efficiency hovers around 87 to 89 percent despite buying energy at 100 percent from the Bulk Electricity Traders. We usually have around 15 to 18 percent outstanding debt that we struggle to offset in the energy market,” she revealed.

    “We have a zero-tolerance policy for any staff reported and confirmed to have been involved in this act.

    “We will sack them because we do not want such attitudes within our organization. If you know any of our staff indulging in energy theft or collaborating with customers to do so, EKEDC will not hesitate to dismiss them.

    “In the last six months, we have dismissed over 20 staff, with many still being probed for their involvement in illegal practices,” Momoh said.

  • Ikeja Electric goes hard on energy theft

    Ikeja Electric goes hard on energy theft

    Electricity Distribution Company, Ikeja Electric Plc (IE), at the weekend warned that offenders caught in the act of energy theft will be immediately charged to court. The company emphasised that the era of merely imposing loss of revenue (LOR) penalty alone on offenders is over, as it will now enforce the full weight of the law against offenders.

    The company made this announcement at its July Stakeholders Forum, a monthly enlightenment meeting aimed at educating its customers about the company’s activities and laudable initiatives to foster improved service delivery.

    IE’s Head of Corporate Communication, Kingsley Okotie, lamented the increase in energy theft, especially over the last three months following implementation of the reviewed tariff on Band A feeders. He noted that the company and the entire electricity value chain cannot survive if theft goes unchecked.

    “The theft is massive and the company cannot guarantee meeting customer expectations if this ugly trend continues. Ironically, some perpetrators believe that if they haven’t been caught, there are no consequences. This is false and we must change the narrative,” he said.

    Okotie stated that for the Nigerian Electricity Supply Industry (NESI) to survive, all stakeholders must fight in unison against theft, as pilfering of electricity hinders the stability of the sector. He emphasised that whatever happens to the Distribution Companies (Discos) affects the entire NESI.

    Speaking on strategies to curb theft, the company’s spokesman hinted that the whistleblowing platform is a very effective way for customers and well-meaning Nigerians to report incidents anonymously. He added that the platform is managed independently of the business, ensuring customers identity remain anonymous and highly confidential.

    To reinforce the company’s commitment, IE, he disclosed, is incentivising whistleblowing by rewarding those who report any illegality and theft of electricity. Persons who submit verified reports on Non-Maximum Demand (Residential & SMEs) offenders will get up to 10 per cent of the reconnection fee paid by the offender while for Maximum Demand (Commercial & Industrial) offenders, whistle-blowers will get up to five per cent of the reconnection fees paid by the offender.

    He further explained that energy theft is a criminal offence under the Electricity Act, attracting a sentence between six months to three years imprisonment. Interfering with meters or the works of licensees carries a sentence of three years imprisonment.

    “Ikeja Electric can, under the law, prosecute people and companies for the criminal offence of energy theft. In line with regulations stipulated by the Nigerian Electricity Regulatory Commission (NERC), the NERC Order on unauthorized access, meter tampering, and bypass allows Discos to disconnect customers illegally connected to their network. Reconnection is only possible after offenders have paid for the loss of revenue by paying back-bills established by the Disco, along with reconnection costs and administrative charges,” Okotie warned.

    Read Also: Umahi seeks synergy with states on federal road project delivery

    In a related development, the Eko Electricity Distribution Company (EKEDC) has taken steps aimed at recouping over N100 billion it has lost to energy theft and vandalism within its network. The utility also confirmed that it has dismissed about 20 staff members found to be involved in illegal activities and collaborating with customers to tamper with electrical equipment, while also threatening to prosecute residents caught engaging in energy theft and illegal connections.

    The EKEDC Acting Chief Executive Officer, Mrs. Rekhiat Momoh, made this known at its Customer Engagement Forum with customers from the Orile Business District, including Sanya, Orile, Ikate, Doyin, Coker, Aguda, Thomas Animashaun, parts of Eric Moore, TEXLON, Passat, parts of Alaka, Itire and Kernel.

    Momoh, who was represented at the engagement by the EKEDC’s Chief Customer Experience Officer, Mrs Catherine Ezeafulukwe, regretted that energy theft and vandalism have been persistent issues plaguing the service delivery to all its network especially under the Orile District, causing significant financial losses and posing safety risks.

    “The loses we incur as a result of energy theft and vandalism runs into several billions of Naira. This is why we are taking the campaign against energy theft and vandalism seriously because it is negatively affecting our bottom line and also our customers.

    “Energy theft often prevents us from providing efficient service because it affects our facilities and infrastructure, impacting how consumers get electricity. Of course, we pay for energy whether it is distributed to customers or stolen, leading to billions of Naira in losses.

    “Our debt profile is about N100 billion and our collection efficiency hovers around 87 to 89 percent despite buying energy at 100 percent from the Bulk Electricity Traders. We usually have around 15 to 18 percent outstanding debt that we struggle to offset in the energy market,” she revealed.

    “We have a zero-tolerance policy for any staff reported and confirmed to have been involved in this act.

    “We will sack them because we do not want such attitudes within our organization. If you know any of our staff indulging in energy theft or collaborating with customers to do so, EKEDC will not hesitate to dismiss them.

    “In the last six months, we have dismissed over 20 staff, with many still being probed for their involvement in illegal practices,” Momoh said.

  • Ikeja Electric gets 20.5% of NERC’s N21b metering fund

    Ikeja Electric gets 20.5% of NERC’s N21b metering fund

    Of the N21billion the Nigerian Electricity Regulatory Commission (NERC) has approved for metering of end-use customers under the Meter Acquisition Fund (MAF) First Tranche disbursement,Ikeja Electricity Distribution Company (IE) got the highest allocation of N4,358,122,421.

    The sum is 20.48 per cent of the entire amount that the commission approved for the 11 electricity Distribution Companies.

    This was contained in its Order No: NERC/2024/072  on The Operationalisation of “Tranche A” of the Presidential Metering Initiative Under the Framework of Meter Acquisition Fund, obtained at the weekend.

    The order which NERC chairman Engr. Sanusi Garba and Commissioner Legal and signed on 19th January 2024, “shall become effective on June 13, 2024 and may be amended or revoked by subsequent Orders issued by the commission.

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    Similarly, NERC allocated N2,990,745,647 to the  Abuja Electricity Distribution Company (AEDC) and N2,921,896,285 to Eko Electricity Distribution Company (EKEDC).

    While NERC allocated N42,516,469,752| to Ibadan Electricity Distribution Company (IBEDC), it also earmarked N1,726,893,467 to Enugu Electricity Distribution Company (EEDC).

    The commission approved N1,571,276,806 for Benin Electricity Distribution Company (BEDC) and N1,568,029,563 for Kano Electricity Distribution Company (KEDCO).

    NERC also approved N1,360,944,608 for Port Harcourt Electricity Distribution Company (PHEDC), N521,905,774 for Jos Electricity Distribution Company (JEDC) and N243,348,639 for Yola Electricity Distribution Company (YEDC).

    The commission insisted that the  installation of contracted volume meters shall be completed within 60 days from the date of approval of the process by the Commission, and all contracts for the supply and installation of meters shall be filed with the NERC.

    It also noted that the parties under the MAF scheme shall exhibit the highest degree of public trust and ethical standard and shall not engage in any conduct that may constitute unfair practice or conflict of interest.

    NERC had  introduced the Meter Asset Provider {“MAP”) Regulations 2018 and subsequently, the Meter Asset Provider and National Mass Metering [“MAP&NMMR”) Regulations in 2021 to address metering challenges in the Nigerian Electricity Supply Industry (“NESI“).

    The Regulations provided several options for metering end-use customers but the interventions, though significant, have not resulted in the closure of the national metering gap which currently stands in excess of seven million customers.

    The inability of distribution companies (“DisCos”} to raise financing in the form of debt or additional equity was identified as the major constraint in the acquisition and deployment of end-use meters and other capital investments. The Meter Acquisition Fund {“MAF”) scheme was therefore developed and approved by the Commission, primarily to address the challenge of DisCo creditworthiness inhibiting the deployment of end-use meter in NES| by creating a credible revenue stream from the market funds on the back of which long term financing may be secured by the utilities.

    NERC said the management of Fund Manager (“FM”) based on terms and conditions negotiated by the DisCos and approved by the Commission.

    According to the commission, the Federal Government has approved the Presidential Metering Initiative {“PMI”) with the overarching objective of closing the metering gap in the NES! within three years leveraging on smart metering technologies for data analytics. The MAF shall form one of the revenue streams for the repayment of the long tenor financing for metering.

    Continuing, the order revealed that “The Commission approved the deregulation of meter prices under the MAP scheme vide Order NERC/2024/040 to ensure on efficient pricing of meters while

    responding more quickly to changes in macroeconomic parameters.

    “The Order provides that all prices of meters under the MAP scheme shall be determined through a transparent and competitive bidding process by eligible MAPs.

    “A competitive bidding process was held on 21 May 2024 based on the provisions of Order NERC/2024/040 where a total of 24 MAPs participated across the 12 (twelve) DisCos. A total of 44 bids were submitted for 10 (ten) meter specifications.”

    NERC said the  deployment of funds under the MAF scheme shall accelerate the deployment of meters and a closure of the current metering gap thereby reducing commercial & collection losses to DisCos, enhancing quality of service and improvement of customer satisfaction.

    It also noted that while the NESI is expected to leverage on the revenue stream under the MAF framework to raise substantial capital funding for metering, there is an imperative to accelerate a closure of the metering gap for all customers currently classified under tariff Band A for the purpose of revenue protection and facilitating demand side management for the affected customers.

    NERC said the DisCos shall utilise the first tranche {“Tranche A”) of disbursement from the MAF

    scheme based on contributions made by DisCos as at the April 2024 market settlement and attached to this Order as Schedule 1, to procure and install meters for unmetered Band ‘A’ customers within their franchise areas. DisCos, said the commission, shall, within 14  days from the effective date of this Order, conduct a transparent and compelitive procurement process, for meter price determination, selection and engagement of MAPs/LMMAs for the metering of end-use customer meters under the MAF scheme.

    The order also directed that a report containing details of the process undertaken for the selection of

    MAPs/LMMA:s, including meter price, meter specifications, and the list of customers to be metered shall be sent to the Commission for approval, within 20 (twenty} days from the effective date of this Order.

    It added that upon approval of the Commission, the DisCo shall enter into contracts with selected MAPs/LMMAs on one of the following terms:

    “(i} Where an Advance Payment Guarantee (“APG”) issued by a commercial bank in Nigeria is provided by a qualifying MAP/LMMA, 30% of the contract sum

    shall be paid by the FM on behalf of the DisCo to the MAP/LMMA upon execution of the contract. A further 2 {two) milestone payments shall be made upon the completion of 60% of contracted quantities and 100% of the contract respectively, with the funds advanced against bank guarantee amortised over the payments.

    “(i} Where the MAP/LMMA do not request an advance payment, the milestone payments shall be made upon the verified installation of 20%, 60% and 100% respectively of the contracted volume of meters. A vendor may, at his option, defer payment until the completion of the installation of the contracted volumes.

    “(i) DisCos shall ensure that all the necessary resources and network clearance required by the MAP/LMMA to install meters based on installation plans are provided and/or completed.

  • JUST IN: Ikeja Electric slashes tariff for Band A customers

    JUST IN: Ikeja Electric slashes tariff for Band A customers

    Ikeja Electric Distribution Company (IE) has announced the reduction of its electricity tariff for customers under Band A from N225/kWh to N206.80/kWh.

    In a circular by the management of the company on Monday on its “X” page, IE said the customers will now pay N206.80/kwh as against the N225/kwh ordered by the Nigeria Electricity Regulatory Commission (NERC).

    Read Also: Ikeja Electric partners LAWMA for effective waste disposal in schools

    According to the statement, IE guaranteed to provide 20 to 24 hours of electricity to users under this Band, adding that the tariff for customers under other categories will remain the same.

    It said: “Dear Esteemed Customers, Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily. 

    “The tariff for Bands B, C, D, and E remains unchanged.”

  • Ikeja Electric gets recertification

    Ikeja Electric gets recertification

    Bureaucratic bottlenecks, corruption and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

     According to a PricewaterhouseCoopers (PwC) report, the country holds as much as $900billion worth of dead capital locked up in residential real estate and agricultural land without titles.

    Dead capital refers to assets or property that cannot be easily converted into productive use, often due to legal or institutional barriers.

    Before now, several professional bodies in real estate have called for speedy land titling processes and less cumbersome government consent.

    Additionally, bureaucratic procedures, corruption, and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

    They stated this in a new report titled ‘Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.

    Read Also: How Herbert Wigwe helped in building RCCG City of David, by Iluyomade

    According to the report, Nigeria’s housing deficit is estimated at 28 million units while the population is expected to reach 223.8 million this year.

    It noted that the dead capital in the country included the Federal Government’s abandoned property estimated at N230 billion. This lack of proper documentation hinders access to credit and investment opportunities in the real estate market.

    Despite the huge housing deficit, it noted that demand for housing remained depressed due to high rental and construction costs and declining disposable incomes.

     “PwC estimates that Nigeria holds as much as $900billion worth of dead capital locked up in residential real estate and agricultural land, including Federal Government’s abandoned properties estimated at N230billion,” the report noted.

    In Nigeria, many properties have undocumented or informal land titles, making it difficult for owners to prove their ownership and fully utilise the value of their assets.

    Those factors make it challenging for property owners to navigate the system and unlock the full economic potential of their assets.

    Last year the Federal Government revealed its plans to unlock over $300 billion ‘dead’ capital in the housing sector through a series of reforms and collaborations with stakeholders.

    The government described the move as part of efforts to enhance investment and finance opportunities for sustainable real estate projects and address the country’s housing deficit.

    The Minister of Housing and Urban Development, Ahmed Dangiwa, during the Capacity Development Conference for Developers in Abuja recently stated that  plans to amend the Land Use Act to streamline land administration, as well as reforms key agencies like the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) is on the pipeline.

    The Minister said: “In alignment with the vision of President Bola Ahmed Tinubu, we are dedicated to creating a conducive environment for increased private sector investment in housing. Our objective is to break all institutional, legal, and bureaucratic barriers that have hindered sector growth.”

  • Ikeja Electric gets recertification

    Ikeja Electric gets recertification

    Bureaucratic bottlenecks, corruption and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

     According to a PricewaterhouseCoopers (PwC) report, the country holds as much as $900billion worth of dead capital locked up in residential real estate and agricultural land without titles.

    Dead capital refers to assets or property that cannot be easily converted into productive use, often due to legal or institutional barriers.

    Before now, several professional bodies in real estate have called for speedy land titling processes and less cumbersome government consent.

    Additionally, bureaucratic procedures, corruption, and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

    They stated this in a new report titled ‘Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.

    According to the report, Nigeria’s housing deficit is estimated at 28 million units while the population is expected to reach 223.8 million this year.

    It noted that the dead capital in the country included the Federal Government’s abandoned property estimated at N230 billion. This lack of proper documentation hinders access to credit and investment opportunities in the real estate market.

    Despite the huge housing deficit, it noted that demand for housing remained depressed due to high rental and construction costs and declining disposable incomes.

     “PwC estimates that Nigeria holds as much as $900billion worth of dead capital locked up in residential real estate and agricultural land, including Federal Government’s abandoned properties estimated at N230billion,” the report noted.

    Read Also: Ikeja Electric gets recertification

    In Nigeria, many properties have undocumented or informal land titles, making it difficult for owners to prove their ownership and fully utilise the value of their assets.

    Those factors make it challenging for property owners to navigate the system and unlock the full economic potential of their assets.

    Last year the Federal Government revealed its plans to unlock over $300 billion ‘dead’ capital in the housing sector through a series of reforms and collaborations with stakeholders.

    The government described the move as part of efforts to enhance investment and finance opportunities for sustainable real estate projects and address the country’s housing deficit.

    The Minister of Housing and Urban Development, Ahmed Dangiwa, during the Capacity Development Conference for Developers in Abuja recently stated that  plans to amend the Land Use Act to streamline land administration, as well as reforms key agencies like the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) is on the pipeline.

    The Minister said: “In alignment with the vision of President Bola Ahmed Tinubu, we are dedicated to creating a conducive environment for increased private sector investment in housing. Our objective is to break all institutional, legal, and bureaucratic barriers that have hindered sector growth.”

  • Ikeja Electric gets recertification

    Ikeja Electric gets recertification

    Ikeja Electric (IE) has announced the recertification of its Integrated Management System (IMS) with three major certifications – ISO 9001:2015 for Quality Management Systems, ISO 14001:2015 for Environmental Management Systems, and ISO 45001:2018 for Occupational Health and Safety Management Systems.

    The certification collapses various management systems into one; increases efficiency and effectiveness; motivates employees; improves document management; internal and external communication, among other benefits.

    The firm’s Managing Director/Chief Executive, Mrs Folake Soetan, during the recertification presentation in Lagos, said the recertification has further reinforced the company’s commitment to the promotion of environmental sustainability, safety and well-being of stakeholders, and satisfactory customer experience.

    “Ikeja Electric remains resolute in prioritising quality, health, safety, and environment in our daily business operations and this recertification is a testament to our consistent efforts to uphold the highest standards in all we do.”

    Read Also: Fed Govt targets $2.5b opportunities in green economy     

    IE’s Head, Quality, Health, Safety & Environment, Jamiu Badmos, noted that achieving the feat of three distinctive certifications at once is the first of its kind in the industry. He added that it is a milestone in the Disco’s journey towards a future that is both technologically advanced and environmentally responsible.

    “Even though our performance and numbers set us ahead within the energy value chain, we need to get to the point where we have no fatality recorded for staff or third party; as the leader of the DisCos,” Badmos submitted.

    Presenting the cerification, the Deputy Lead Auditor, Bluestar Management Systems Pvt. Ltd, Mrs Oyenike Shobowale: “Ikeja Electric is the new pace setter on the energy value chain and other stakeholders need to step up their game in their dealings with the company. It is important, however, to keep reviewing the system and making improvements.”

    Shobowale therefore stated that the leadership of Ikeja Electric is steadfast in its commitment to operational excellence, leveraging technology to enhance exceptional service delivery and continues to be at the forefront of innovations in the energy sector through its mantra, ‘Customer First, Technology Now.’

  • Ikeja Electric, what’s up?

    Ikeja Electric, what’s up?

    • NERC must wade in on the part of hapless consumers over unilateral tariff hike

    The Nigerian Electricity Regulatory Commission (NERC) should live up to its responsibility to justify its existence. We wonder why it would appear to be indifferent to the plight of consumers, who complained that Ikeja Electric may have surreptitiously increased their tariff. A report in this paper a few days ago that there is a huge difference in tariff for electricity purchased between last November and January, this year, has not elicited any response, either from Ikeja Electric or the NERC charged with approving any change in tariff paid by consumers.

    A consumer told this paper: “I recharged my meter on Ikeja Electric yesterday (January 2) at 8.15am with N5,000, and after loading the token, I was surprised to be credited with 66 units of electricity; this is like 10 units short of what I got from the same amount on November 4, 2023 when I got 76 units for N5,000.” He continued, “definitely, Ikeja Electric has increased its tariff, except the firm wants to claim there is a fault in their system warranting this difference of 10 units.”

    When contacted by this paper’s correspondence for comments, the Head of Media, Ikeja Electric, Mr. Kingsley Okotie, could not explain the difference. Instead, he quibbled about the motive for the enquiry over the discrepancies. He said: “See, I am not someone than can be bamboozled. If it is to lay complaint on behalf of a customer, then the customer can get in touch with our complaints centre, but if it is a reaction to your story, then I cannot answer you.” Despite appeals, he refused to react to the claims.

    On our part, we are shocked that a simple question about the welfare of consumers would elicit such unnecessary antagonism. More so, NERC insists that there is no authorisation of tariff increase, and the reasons offered are germane. On its website, it opined: “The commission as well as the industry is responsible enough to appreciate the state of the economy, level of power generation, how Nigerians are coping and would, therefore, not make any decision that could further aggravate the challenges faced by the power sector and the economy.”

    Read Also: Ikeja Electric harps on improved power delivery

    The Minister of Power, Adebayo Adelabu, late last year informed Nigerians that President Bola Tinubu stopped the implementation of a hike in electricity tariff and that the nation would continue to pay subsidy on power consumed nationwide, and according to NERC’s report, subsidy on electricity supply in the last quarter of 2023, stood at N204.59bn. So, it is pertinent to ask whether Ikeja Electric is double-dealing with consumers who are also the tax payers of the subsidy?

    We urge NERC to investigate the allegation that some electricity distribution companies (Discos) have raised tariffs without the requisite approval and transparency. The reason offered for the delay in allowing the prices of electricity to go haywire, and for which subsidy has been provided for, has not changed.

     The Federal Government cannot in one hand be offering palliatives to alleviate the economic hardship faced by Nigerians, and yet allow a crushing electricity tariff that would defeat the purpose. That is why a subsidy regime is in place.

    The refusal by Ikeja Electric to come clean on the allegation of consumers does not bode well with the public image of the company. As an enterprise that serves the public, it owes them openness, accountability and transparency. That responsibility is even more pertinent, since it receives subsidy from the government, even though a private enterprise. It cannot charge for services, and at the same time receive subsidy for the same service. To do so would make it a rogue organisation.

    We earnestly await the outcome of the investigation of NERC on the complaints against Ikeja Electric. Such report should be made public, and if there are infractions, requisite punishment must apply.

  • Ikeja Electric harps on improved power delivery

    Ikeja Electric harps on improved power delivery

    Electricity distribution company, Ikeja Electric (IE), has assured consumers of improved service delivery this year. The assurance was given at the first virtual stakeholder/customers engagement session for the year.

    The firm assured that despite the challenging economic situation that is affecting optimal performance of businesses across the country, it will not rest on its oars in providing quality service to its customers. IE, therefore, appealed for the support of  stakeholders towards achieving the corporate goals and objectives of the company this year.

    IE, in a statement, promised “visible improvements in service delivery in the New Year.

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    “To ensure stability of electricity supply through the 33kv/11kv feeders, the company has been regularly relieving overloaded distribution transformers and fencing the unprotected ones in 2023. This proactive and preventive maintenance of our infrastructure will continue with more aggression as it has allowed us to reduce our turn-around times,” the statement said, adding that consumers desirous of obtaining new meters should visit the company’s website to process the application.

    The statement further reiterated IE’s commitment to safety in the network and advised customers not to get involved in illegalities especially on activities under power lines, or engaging non-certified technicians whose ineptitude can lead to service disruptions, fire outbreaks and eventual loss of lives and property.