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Tariff Review: BEDC To Improve Electricity Supply, Plans 300MW Embedded Power

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‘You’ve Performed Below Expectation’-Customers

The management of Benin Electricity Distribution Company,(BEDC) Plc, Tuesday, February 26 disclosed that with a reviewed tariff, it will revolutionize electricity distribution and provide top services to customers by embarking on network re-alignment.

Speaking at a Public Consultation Forum in Benin City to review tariff increase, Chief Head of BEDC, Benin, Mr. Abel Enechiaziam, said the company is set to provide new distribution transformers and also provide dedicated express feeders to supply 24×7 power to identified customer groups.

The Public Consultation Forum was held across all BEDC franchise states of Edo, Delta, Ondo and Ekiti.

READ ALSO:Man Docked For Allegedly Converting N1.6m To Personal Use

Abel assured that the company would actualize its proposal for an embedded power of about 300megawatts under the willing buyer, willing seller arrangement with independent power generators outside the Transmission Company of Nigeria (TCN) national grid in order to boost power supply and meet needs of customers.

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He further assured customers that it would also improve supply to commercial entities across its coverage states due to the need to enable the companies ensure job creation and balance social lives, by adding new injection substations and 500 number distribution substations to strengthen existing network.

“Plan is ongoing to invest in electrification of electrified areas and strengthening of existing network” BEDC said, adding that it also plans to ensure 100per cent metering under the Meter Asset Provider (MAP) and 100per cent enumeration and proper mapping of customers to transformers and feeders.

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Addressing customer complaints further, the Chief Head said BEDC would equip its Call Centre to a level where customer issues would be resolved at a point of discussion thereby making the Call Centre a one-stop shop for complaints resolution.

He noted that in all the electricity value chain process, customer was king and critical to sustenance of the sector, as he encouraged them to pay their bills, sayingthis would assure adequate, reliable and affordable power.

However, reacting, customers were angry about BEDC performance as all who spoke at the forum scored BEDC low.

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A customer, while speaking, urged the company to jettison the planned increase on tariff and rather focus on improvement on power supply.

Another customer charged BEDC to tackle bypassing of meters as practised by some customers, warning that if tariff increases, bypassing would be order of the day.

READ ALSO: Men In Court For alleged Damage Of Palm Trees Valued N5.6M

On his part, another customer, said BEDC has performed below expectation and that all information presented by the company were false.

“Most of the information provided by you are false and misleading. In your information, your allocated Edo State community to Delta State, this reveals your lies and that you are not well-organised.

In his remark, Deputy General Manager, Consumer Affair of
Nigerian Electricity Regulatory Commission (NERC), Mr. Shittu Shuaibu, said no electricity consumers should be made to pay for service not rendered by the the electricity distribution companies (DISCOs)

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He said it would be a disservice to the electricity consumers by making them to pay for what they are not given.

“Electricity is two side thing, if you don’t get the service, you don’t need to pay for it. If you don’t fuel or repair generator you cannot pay electrician.

“But we want as much as possible to ensure that BEDC have what to serve you better. The most critical thing is that they must served you before they get paid.

“If you are given service, you pay for service and if you are not given light, you should challenge it through NERC process.

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He explained “customers will have to report to the Customers Complaint Unit first, and if not satisfied, take it to the Forum Office and after which, you pass on to the Commission and the issues will be resolved. it doesn’t matter whether it is metering, transformer or service delivery problem,”.

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Shaibu, however, assured that the commission will do everything within the armbit of the law to ensure that electricity problems are addressed in the country.

On the issue of the revocation of the company’s lincens, he said BEDC still has additional year to prove their competency.

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

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It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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