Dollar scarcity rains on Eko disco meter roll-out plan

Eko disco has attributed the delivery of only 187,000 meters out of the 600,000 it planned for its customers to scarcity of foreign exchange and a weak naira which has driven the cost of prepaid meters through the roof.

After making a commitment for 187,000, Eko disco have successfully installed 67,000 prepaid meters within three years of operation.
Oladele Amao, managing director of the company disclosed this in a briefing with journalists to mark the third year anniversary of the company recently in Lagos.

“We have made commitments for more than 187,000 meters which are been delivered and so far 67,000 have been installed and we are still installing as at today.

“But the foreign exchange problem in the country is limiting how much we can do in this regard. there has been over 50% increase in the cost of meters because of the weak naira,” Amoda said.

Eko disco came second nationwide in the recent NERC performance appraisals of those with the highest number of meters installed.

“We have expended close N5billion so far and for the entire meter roll-out plan, it is going to cost us N52billion but we will be doing it gradually,” he said.

The company’s operation has been impacted by power theft that is causing it lose about 30 percent of its allocated electricity from the Transmission Company of Nigeria (TCN) valued at about N1bn monthly.

Theft of electricity has become so rampant that even prominent individuals and companies are involved in the shady practice.

Power distribution companies already challenged by illiquidity in the sector, vandalism of power assets, huge debts by government ministries and departments, and armed forces especially the army further have to contend with rampant power theft.

“We have now decided to take measures including creating awareness and naming and shaming the perpetrators of this practice” said Amoda.

Using channels such as social media pages, the company’s websites and adverts in major newspapers, the company is warning the public against the action which it said is compounding their problems.

ISAAC ANYAOGU