Integrated Energy Distribution and Marketing Company has taken over the Ibadan Electricity Distribution Company, following its successful bid for the company that is in charge of electricity distribution to one of Africa’s largest cities.
The official handover was performed by Vice President Namadi Sambo who warned that all the federal government would hesitate to sanction non-performing core investors taking the PHCN successor company.
He added that the Nigerian Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprise will continue to monitor the operations of the 18 successor companies that took over the Power Holding Companies of Nigeria (PHCN).
“The reform and privatisation of the power sector are rightly focused on big picture, that is the impact on the economy as a whole and ultimately. In this regard privatisation must be seen as a necessary tool for the deregulation and opening up of hitherto government dominated sector of the economy to the private sector as well as divestiture of government interest in such sectors,” Sambo said.
Responding, Babatunde Ayeni,Vice-Chairman of Integrated Energy Distribution and Marketing Company, said the company is aware of the enormous challenge of providing uninterrupted power supply. To achieve this goal he said the company is acquiring necessary infrastructures.
“We have employed the MERALCO company from Philippine with 102 years of experience to manage our technical facilities.
“We plan on massive human capital development and advance technological input to ensure stable power in the country, adding that they will promote the culture of energy saving.
“We will adopt usage of smart meters, transparent billings and collection systems to improve and steady supply of power. We will continue to welcome suggestions for improvement,” he said.