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Now Reading: How Ikeja Electric generated about N15.7 billion in three months


How Ikeja Electric generated about N15.7 billion in three months

September 11, 20234 min read

  • Eleven Electricity distribution companies in Nigeria generated about N15.7 billion in three months
  • The DisCos are led by Ibadan DisCo and Ikeja Electric, among others which has saw an increase in electricity generation
  • The report by NBS showed that customers with pre-paid meters now amount to 5 million

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About 11 electricity distribution companies generated N263.08 billion in the second quarter of 2023, an increase of N15.7 billion compared to N247.33 billion made in the first three months of 2023.

Data from the National Bureau of Statistics (NBS) said that yearly revenue in the review period increased by 39.63% from N188.41 billion recorded in Q2 2022.

Ikeja Electric, Ibadan DisCo
Electricity companies in Nigeria generate N15.7bn Credit: PIUS UTOMI EKPEI / Contributor

Source: Getty Images

Electricity supply rises in the first three months of 2023

Electricity supply in the period under review rose from 5,851.87 (Gwh) in the previous quarter of 2023 to 5,909.83 (Gwh) yearly, showing that electricity generation rose by 13.06%.

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The NBS report stated the that the number of registered customers was 11.47 million, a 1.84% increase from 11.27 million in Q1 of 2023. On a yearly basis, the number of customers rose by 6.17% from 10.81 million reported in the second quarter of 2022.

NBS pegged metered customers in Nigeria at 5.47 million in the second quarter of 2023, showing a 3.10% growth from 5.31 million recorded in the preceding quarter.

The report shows a 10.40% growth on a year-on-year basis from the 4.96 million recorded in the previous year.

Additionally, customers during the period under review were 6 million, higher by 0.72% from 5.96 million in the first quarter of 2023. Every year, estimated customers rose by 2.58% in the second quarter from 5.85 million in Q2 of 2022.

BusinessDay reports that an analysis of the report showed that Ibadan DisCo had the highest number of customers with pre-paid meters at 980,296, followed by Ikeja Electric with 847,700 and Abuja DisCo with 807,548.

DisCos with the highest number of customers

Yola DisCo has the least customers with pre-paid meters at 113,497.

Ibadan DisCo leads the states with the highest number of customers, with an estimated 1,339,289 million, followed by Enugu DisCo with 694,292 and Benin DisCo with 643,916 unmetered customers.

The development follows a recent report by that the National Electricity Regulatory Commission (NERC) has hiked the cost of pre-paid meters to N81,000 for a single-phase meter.

The commission also asked the DisCos to set up effective office customer care desks to monitor complaints.

Despite an unreliable power supply, the Nigerian govt says exporting electricity to Benin, Niger strategic reported that the Nigerian Bulk Electricity Trading (NBET) says the country sells 6 percent of electricity generated to neighbouring countries.

Nnaemeka Ewelukwa, managing director, NBET disclosed this when he appeared before the house of representatives committee on finance but assured that selling electricity when the country doesn’t have enough is strategic.

Recall that a total of 11 Nigerian electricity distribution companies have applied for the review of their electricity tariffs.


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Precious Etim

My name is Precious Etim. I believe that everything happens for a reason. People change so that you can learn to let go, things go wrong so that you appreciate them when they’re right, you believe lies so you eventually learn to trust no one but yourself, and sometimes good things fall apart so better.

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