Says it spends N11b monthly on energy purchase
The Managing Director/Chief Executive Officer, Benin Electricity Distribution Company Plc (BEDC), Deolu Ijose, yesterday, stated that the company is repositioned to provide services despite losing hundreds of millions of naira as a result of energy theft on its network.
He said the company needs the cooperation of electricity consumers in its franchise states to meet their demands, as it gets the invoice of about N11 billion monthly for purchase of energy.
He disclosed this while commemorating his assumption of office as the new helmsman of BEDC in Benin City, Edo State. Ijose said the company is keen on giving its best to its franchise states of Edo, Delta, Ekiti and Ondo, but its effectiveness is being hindered by acute funds due to energy theft.
He said: “We need funding to put infrastructure in place. You will say it is our responsibility to put all these things in place, but, at the same time, we must collaborate with citizens and plead with them, because BEDC is not a social service anymore.
“On a monthly basis, BEDC must go out to buy energy from an institution we call Nigeria Bulk Electricity Limited (NBET). That is where we buy energy and I get N11 billion invoice every month. We practically collect about 50 or 60 per cent of that.
“When you buy a truck of cement from Dangote for N10, 000 and after selling you get back only N5, 000; it is either you are going to pack up and go or you are going to get bankrupt; that is why funding is important.”
He called on customers in Edo, Delta, Ondo and Ekiti states to assist by promptly paying their bills as and when due to enjoy uninterrupted power supply.
“If we settle the debt, we will be able to pay for the energy that is purchased on monthly basis, and get more. But when we do not get 50 or 60 per cent of what we deployed, honestly, as an investor, I would not know how the business could continue,” he added.
