Business Hilights
Tracking Nigeria's Headline Business News Online

Ikeja Electric gives insights on transforming Nigerian energy sector

Leading power distribution group, the Ikeja Electric Distribution Plc, has explained key strategic pillars to be considered in the process of resetting and repositioning the nation’s energy industry for better results.

Speaking at the recent Nigerian Academy of Engineering (NAE) seminar in Lagos, the Chief Executive Officer, Ikeja Electric Distribution Plc, Dr Anthony Youdeowei, said three strategic aspects remain unavoidable in the approach to transforming the energy sector.

He listed the key aspects to include service delivery, building a customer-centric business and deploying technology to improve operational efficiency.

Youdeowei, who spoke on ‘Building a sustainable and viable electricity distribution network’, revealed that Nigerian power distribution firms currently lack the capacity to meter all customers; hence, the need to involve third parties in that specific role.

According to him, “Government should allow the metering process to work. There is a need to redefine the distribution business and improve customer metering. Proper and complete privatisation by letting market forces to decide and ensuring that there is inflow of capital into the entire energy value chain.

Youdeowei recalled that his company earlier in the year, jump-started provision of bilateral premium power that required provision of quality services to clusters of customers within the network.

He averred that “Amazon, Uber were initially loss making but attracted huge investments because the numbers and the projections were believable. Project transparency and integrity in all dealings with customers and leveraging cutting-edge technology in improving and optimising business processes is important. Also, we need to deploy technology in areas of the business where there is heavy dependence on human intervention,” Youdeowei noted.