The Ibadan Electricity Distribution Company, IBEDC, recorded a deficit of N3.2 billion in revenue collection in 2015 even as the company is owed N5.9 billion by customers.
The Managing Director, IBEDC, John Donnachie, told newsmen at a briefing in Ibadan that they are operating in a tough economic environment but still try to be open and transparent in their operation and customer service.
Donnachie said since inception in November 2013, the company has not been able to collect bills enough to pay for the energy it bought. In other words, the company has been recording shortfalls in expected revenue since it started, adding that even with the new tariff planned for take-off next month, the company will not break even until 2017.
He noted that the cause of the shortfall in revenue is caused by the industry’s woes such as energy theft.
According to him, 50 per cent of bills generated are not collected owing to energy theft including bypassing of meters.
He stated that the company will continue to ensure customer satisfaction, adding that 100,000 new meters have been installed apart from the ones used to replace obsolete and dysfunctional meters.
