By Tuned Eyimofe

Strong indications have emerged that the Ibadan Electricity Distribution Company, IBEDC, is on track to deepen its financial strength by the end of 2025.

Given that the company made a profit of over N8.9 billion after tax and grew its assets to over N685 billion in 2023, the positive financial records show that IBEDC is on course for further growth.

This is further strengthened by the fact that since November 2024, the company has consistently maintained a 100 per cent market remittance rate.

Besides, in February 2025, IBEDC hit an all-time high monthly collection of N22.028 billion, following a N21.985 billion collection milestone in October 2024, with Non-Maximum Demand, Non-MD, collection of N7.634 billion in January 2025.

Experts consider this an exceptional achievement in a sector long plagued by liquidity issues and payment defaults.

However, they also recognised that this transformation IBEDC is witnessing would not have been possible without the appointment of Engr. Francis Agoha as the Managing Director and Chief Executive Officer.

In 2024, Engineer Francis Agoha was made the MD of IBEDC with the mandate to sustain growth and eliminate all hindrances. Since then, the firm has been on an upward trajectory.

Agoha’s fiscal prudence has significantly enhanced IBEDC’s credibility with key stakeholders, including the Nigerian Bulk Electricity Trading, NBET, Plc, Market Operator, Transmission Company of Nigeria, TCN, and power Generation Companies, GenCos, while also restoring investor and regulatory confidence.

Under his leadership, IBEDC’s monthly revenue collection more than doubled from an average of N10 billion to consistently above N20 billion since December 2024.

Customer-centric

When it comes to being customer-friendly, he is also not found wanting. One of his customer-centric approaches can be seen in the launch of the Customer Care WhatsApp platform.

IBEDC has significantly improved customer experience and digital accessibility for easier, faster, and more convenient payment solutions. In July 2023, the company introduced the i-Recharge platform in collaboration with i-Recharge Tech-Innovations.

This multi-channel payment solution allows customers to recharge via USSD codes, ATMs, POS terminals, and mobile money agents, providing broad access even in low-connectivity areas. Also in 2024, IBEDC introduced IBEDCPay, an innovative home-grown payment app offering a wide range of benefits to customers including speed, biometric security, transaction history, etc.

IBEDC has also ramped up customer communication through dedicated weekly radio and television programs across its service areas. These programs offer interactive platforms for customers to raise concerns, ask questions, and stay informed about ongoing improvements.

The company’s grassroots engagement strategy has further strengthened its relationship with customers. In the first half of 2024, IBEDC recorded approximately 3,000 monthly interactions across 18,000 communities. These touchpoints—facilitated by Distribution Transformer Managers, Executives, and Communication Officers—are vital to resolving issues in real-time and fostering trust. This customer-centric approach is aligned with the Nigerian Electricity Regulatory Commission’s, NERC, recent directive requiring DisCos to resolve at least 75% of customer complaints from Q1 2025 onward—a benchmark IBEDC is well-positioned to exceed.

Metering

Metering has long been a critical issue in Nigeria’s power sector, and IBEDC has made it a top priority in its reform strategy. With a customer base exceeding two million, only 43 per cent were metered as at 2024. The company is now aggressively addressing this gap, targeting a metering coverage rate of over 60 per cent by the end of 2025.

This ambitious goal is being pursued through multiple initiatives. Over 104,000 meters were deployed under Phase 0 of the National Mass Metering Programme, NMMP, while the revitalised Meter Asset Provider, MAP, scheme now offers improved meter availability and a more user-friendly online application process.

In 2024 alone, over 69,000 meters were installed, and IBEDC was recognized by the Nigerian Electricity Regulatory Commission (NERC) as number one among all DisCos in Q2 2024 for meter installations. In January 2025, IBEDC launched the Presidential Metering Initiative scheme: Metering Acquisition Fund (MAF) to expedite deployment of meters in high-impact areas and along critical feeders, with an annual target of over 240,000 meters.
These metering efforts are restoring consumer confidence, curbing energy theft, and aligning billing with actual consumption—key steps toward operational transparency and improved revenue assurance.

Energy theft
Energy theft remains one of the most critical threats to sustainable electricity distribution in Nigeria. Between January and October 2024, IBEDC recorded over 8,000 incidents of energy theft, including meter bypasses, illegal reconnections, and direct tampering.

In response, IBEDC has repositioned its Revenue Protection Team and intensified crackdown of offenders through a partnership with the Special Investigation and Prosecution Task Force on Electricity Offences (SIPTEO). Offenders are now being prosecuted under the full weight of the law, signaling a strong deterrent against future infractions.
Alongside enforcement, IBEDC is running extensive community awareness campaigns to educate customers on the financial and legal consequences of energy theft. Simultaneously, it is investing in smart metering solutions and Advanced Metering Infrastructure (AMI), enabling real-time monitoring, leak detection and remote disconnection, which are critical tools for loss prevention and improved efficiency.

With these combined measures, IBEDC aims to reduce its Aggregate Technical, Commercial, and Collection (ATC&C) loss rate from an average of 32.73 per cent in 2024 to below 25 per cent by the end of 2025. In fact, the company recorded its lowest-ever ATC&C loss rate of 24.30% in October 2024. IBEDC ranked 3rd best in ATC&C performance in Q4 2024, a testament to the impact of these measures.

Supply and customer segmentation
A core component of IBEDC’s achievements is the upgrade of existing infrastructure as well as enhancement of supply quality. In Q1 FY25 alone, the company added two new 33kV feeders (Iperu 33kV and Joju 33kV) and three 11kV feeders (Offa Commercial, Igbayilola Commercial, and Technical 11kV feeders), enhancing power distribution and reliability in key locations. Additionally, 91 distribution transformers (DTs) with a combined capacity of 34.45 MVA were added to the grid, directly improving supply for thousands of customers.
IBEDC is also upgrading customer supply bands, and in Q1 2025, the number of Band B, C, D, and E customers migrated to Band A feeders surged from 30 in April 2024 to 126 by May 2025, increasing the share of customers receiving 20–24 hours of daily electricity.

The company has enhanced the quality of supply by restoring service to key Maximum Demand (MD) customers. Notably, Mountain of Fire Ministries in Mowe returned to the grid following supply improvements. Furthermore, an ongoing partnership with Verge Power facilitated the reconnection of six major MD customers, bolstering revenue and grid utilisation.

All of these steps point to one thing: IBEDC is on course for further growth. May Agoha succeed.

Eyimofe is a banker who lives in Abeokuta