Business
Disco To Recover N1.3bn Debt – official
The Management of Eko Electricity Distribution Company Plc (EKEDCP) has said that over N 1.33 billion was yet to be collected from customers for their bills in March.
Its Chief Executive Officer, Mr Oladele Amoda, disclosed this during a stakeholders’ consultative forum with Lekki customers in Lagos yesterday to rub minds on how to address payment of electricity bills.
Our source reports that the forum is tagged “prompt payment of electricity bills to enhance effective power supply’’.
Amoda, who was represented by the company’s Chief Operating Officer, Mr Sam Nwaire, said that the company recovered N4.8 billion payment out of N6.1 billion owed by customers for March.
He said that the company was still battling to recover over N.13 billion debt being owed by customers for the month, adding that such huge debts had affected the company’s major projects.
According to him, energy supply to the company from the national grid has increased from 150 megawatts to 300 megawatts in the month.
“This has boosted effective power distributions to customers but yet majority of the customers refused payment.
“In spite of the quantum of supply distributed to customers in the Month of March, large numbers of customers were yet to turn out for payment.
“We have equally recorded over N6.5 billion energy consumed by customers for the month of April but we are yet to compute the final payment chats and outstanding customers debt profile since the month is still running,’’ he said.
Amoda said that the 20 per cent compensation promised to offer anyone who reported energy theft by unscrupulous elements was yielding good result.
He said that the company recorded high rate of customers who came to report those engaging in such act.
According to him, we have received over 10 people who came to report those who are by-passing meters.
“A task force has been set up to inspect houses of consumers and impose a penalty of N1m on anyone caught in energy theft.
“The company would henceforth commence effective prosecution of energy theft suspects and also publish their names in the national dailies.
“We appeal to our customers to avoid engaging in by-passing the meters because it’s criminal and punishable under Electricity Regulation Code of Conduct Act,’’ he said.
On metering, Amoda said that the company had commenced deployment of the first phase of over 600 free pre-paid meters to all Eko disco’s district area.
He said that the company would ensure that over 140,000 free pre-paid meters are installed in every district areas before the end of the year while appealing to residents to ensure prompt payment of their bills.
The Eko disco boss said that about seven suspected vandals were arrested in various locations of its operations and were facing prosecution.
He said that one of them was caught at Thomas Street in Surulere area of Lagos when he was caught in the act by a security guard in the area.
The EKEDCP helmsman said that the suspect was caught trying to cart away 4core/70mm cable at Eko Club sub-station.
He urged communities to be vigilant and guard against activities of vandals in their area, adding that the company would work hand in hand with the police to ensure that the suspects and others would be duly prosecuted in the court.
Amoda said that the measure became necessary against the backdrop of over N1 billion lost to various forms of electricity theft and vandalism in the zone.
He said that electricity materials, such as cables and wires, had either been stolen or vandalised within its operations.
He said some areas where equipment vandalism had been rampant included Apapa, Mushin, Ikoyi, Ajegunle and FESTAC of Lagos State.
According to Mr. Amoda, equipment such as 300KVA and 500KVA are being destroyed in Eko Disco monthly.
“Vandalism of electricity installations in the areas has become a problem, and within the past four months, the unit has recorded further acts of vandalism of nine transformer substations,” he said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.