Meter Manufacturers Lose N10billion To Power Sector Glitches

About N10billion has been lost by five meter manufacturers following the problems in the nation’s power sector.

The five companies include MEMCOL Nigeria Limited; MOJEK Nigeria Limited; UNISTAR Nigeria Limited; EMCON Nigeria Limited and SWEDEN Nigeria Limited, findings by the Nation revealed.

The Executive Secretary, Electricity Meters Manufacturing Association of Nigeria, EMMAN, Muideen Ibrahim said the firms have lost several billions of naira to crisis plaguing the power sector.

He said each of the five companies lost a whopping N2billion, which amounted to N10billion.

He said: “Given the fact that power supply is erratic in the country, and that the firms were using alternative sources of power, the firms no doubt have lost huge amount of money. The firms were relying on generators to stay in business, implying that they have spent a lot of money on procurement of diesel.”

He said the DisCos have not been patronising manufacturers of meters in the country, adding that the issue is affecting production from the companies.

“Apart from losing to poor power supply, the firms have lost to poor patronage caused by the refusal of the DisCos to buy meters from them. When you go to the factories that are owned by the firms, you see unsold meters in large quantities. Who bears the cost? It is the manufacturers of the meters,” he added.