Running at a loss of N1.6 billion, the Ibadan Electricity Distribution Company (IBEDC) has said that its finances were bleeding, as the company faced a “metering problem”.
Disclosing this was the Chief Operating Officer, IBEDC, John Ayodele, at a press conference who said that the company could barely stay afloat, Daily Trust reports.
Ayodele said that the loss came from estimated billing alone and that it was “running at a loss”, and that IBEDC would have become moribund if it wasn’t a service business.
Empathising with customers, Ayodele noted high poverty levels hindering customers from being able to meet up with the cost of metering.
He said, “90 percent of those complaining of estimated billing in the real sense of it do not want meters. They are comfortable with N3, 000 billing we are giving them monthly because many are spending more than that amount.
“We are losing money. We are losing about N1.6billion for estimated billing alone. There are a lot of problems with metering. We are running at a loss. If it were not a business that is tied to service, the company would have been bankrupt by now.”