…Reports over N8.9bn profit, improved customer service, and aggressive metering drive

By Adeola Badru

The Managing Director of the Ibadan Electricity Distribution Company (IBEDC), Francis Agoha, has disclosed that the company has successfully navigated inherited systemic inefficiencies to achieve a significant transformation in Nigeria’s power sector.

In a statement issued on Thursday, Agoha outlined the challenges IBEDC faced upon its establishment in November 2013, including poor infrastructure, low metering coverage, erratic load allocation, and weak revenue collection. He noted that these issues were further compounded by prevailing macroeconomic pressures.

“We inherited systemic inefficiencies that were compounded by macroeconomic pressures, but our commitment to reform has driven our success,” he stated.

Agoha highlighted that since the assumption of new management in July 2022, IBEDC has implemented critical reforms focused on financial discipline and operational efficiency. These efforts, he said, have repositioned the company as a key player in Nigeria’s electricity distribution landscape.

“Our financial discipline has significantly improved stakeholder confidence, including with the Nigerian Bulk Electricity Trading (NBET) and power generation companies. Since November 2024, we’ve maintained a 100% market remittance rate,” he said.

According to Agoha, the company has moved from a loss of N62.89 billion in 2021 to a profit after tax of over N8.9 billion in 2023. He added that revenue collection has more than doubled, with IBEDC recording over N20 billion in monthly collections since December 2024, peaking at N22.028 billion in February 2025.

Beyond financial growth, Agoha said the company is enhancing customer engagement through digital innovation. “We launched a Customer Care WhatsApp platform and the i-Recharge platform, making payment and support services more accessible, even in areas with low connectivity,” he noted.

On the issue of metering, Agoha stated that IBEDC is aggressively pushing to bridge the gap. “As of 2024, only 43% of our customers were metered. Our target is to exceed 60% coverage by the end of 2025. This will help curb energy theft and ensure accurate billing,” he said, referencing initiatives like the National Mass Metering Programme.

He also addressed the challenge of energy theft, revealing that the company recorded over 8,000 cases between January and October 2024. He pledged continued enforcement actions and awareness campaigns to bring down the Aggregate Technical, Commercial, and Collection (ATC&C) loss rate from 32.73% in 2024 to below 25% by the end of 2025.

Expressing optimism about the future, Agoha concluded: “Our achievements demonstrate that with the right focus, we can achieve operational excellence. IBEDC is committed to becoming one of the most resilient and customer-centric utility companies on the continent.”