Vice-Chairman, Unistar Hi-Tech Systems Ltd. kiMr Atilade Bolarinwa, a local meter manufacturing company, said it had retrenched more than 70 per cent of its workforce.
Bolarinwa told the News Agency of Nigeria (NAN) in Lagos that the situation followed the low patronage of its products by electricity distribution companies in the country.
He said the low patronage from investors in the distribution segment of the national electricity sector had made the company to stop production. He added that the already produced meters were now warehoused. He said “Presently, the Ikeja and Eko Electricity Distribution Companies have not bought a single pre-paid meter from the company since they were privatised but we thank God the Ibadan Electricity Distribution Company (IBEDC) is trying.
“They have so far bought five thousand meters from the company since inception and we have over 200,000 meters on ground and we can’t produce again until we sell the ones in the warehouse,” Bolarinwa said.