IBEDC Inaugurates New Transformers, declares N7 Billion as Monthly revenue

The Ibadan Electricity Distribution Company (IBEDC) has declared that it generates more than N7 billion in revenue monthly.

Disclosing this on Saturday was the Chief Technical Officer of IBEDC, Akin Abiodun, during the inauguration of a new 2.5MVA, 33KV/11KV transformer at Owode-Egba community in Obafemi-Owode Local Government area of Ogun.

The IBEDC boss also stated that Ogun state contributes about N2 billion of the said amount but also expressed sadness that the benefitting community; Owode-Egba owed the electricity company more than N300 million.

“Before now, we used to collect about N6 billion but now, we have moved to N7 billion and of course, the entire Ogun region gives us N2 billion, that is, one-third of our revenue,” he said.

According to reports, the inauguration of the transformer came after the community had suffered power outage for more months.

It was reported that youths in the community had, in January, protested the electricity outage, lamenting that all their efforts at replacing the old transformer, which got burnt, yielded no positive result.

The lawmaker, representing Abeokuta North, Odeda and Obafemi Owode constituency in the Red Chamber, Olumide Osoba while speaking at the inauguration called on his people to pay their electricity bills as at when due in order to avoid disconnection.