The Ibadan Electricity Distribution Company (IBEDC) on Thursday installed a new 15MVA, 33KV/11KVA transformer at its Ijebu-Ode Injection Substation in Ogun.
The Chief Operating Officer of IBEDC, Mr John Ayodele, during the event, said the transformer would serve residents of Folagbade, Ita-lapo, Latoogun- Adefisan, Mobalufon- Awokoya, Bonojo, Odutola and Ereko, amongst other areas, in Ijebu-ode.
He assured that the transformer, valued N140 million, would have positive multiplier effect on the lives of the people.
He, however, lamented that the returns on the firm’s investments and services rendered to the people under its general coverage was low.
Ayodele noted that less than 60 per cent of residents of Ijebu-ode, in particular, paid electricity bills, adding that the company owed a total sum of N8 billion to both the World Bank and the Central Bank of Nigeria (CBN).
“In the last five months, we have borrowed almost N8 billion and we are paying interest on the money borrowed.
“We are partnering with the CBN, World Bank and other internal agencies.
“People don’t pay electricity bills. Less than 60 per cent of the people pay their electricity bills here in Ijebu-ode.
“The revenue from this side is very low,” he said.
The IBEDEC boss explained that the situation had continued to hinder the firm from operating at the optimum and had affected the supply of power in some areas.
Dr Ademola Adewumi, IBEDC Ogun Regional Head, in his earlier remarks, described the installation as apart of efforts of the company to fulfil its promise of better services to its clients.
He explained that the firm considered the project a priority in order to assist the people of the area, particularly businessmen, whose businesses had been affected by infrequent power supply.