Business
Meter Bypass: How We Lost N36m Revenue To Mexis Group – DisCo
Port Harcourt, March 17, 2022 (PHED) The Port Harcourt Electricity Distribution Company (PHED) said it recorded over N36 million revenue loss from energy theft by a private company in Port Harcourt, Rivers.
PHED’s Head of Corporate Communications, Mr John Anonyai, said this in a statement in Port Harcourt on Thursday.
He said the Police had arrested the unnamed proprietress of the company and electrician involved in the illegal connection, uncovered by a PHED team on routine inspection.
Anonyai said his company made the discovery at the company’s ‘Cold Room’ facility in Rumuolumeni community in Port Harcourt.
“Upon discovery of the meter bypass, the proprietress contacted the electrician who buried the service cables underground, leading to the premises where she (proprietress) operates a giant cold room.
“The electrician was directed by the proprietress to quickly excavate the cables and rearrange the connections to appear like it was never tampered with.
“After the discovery of the bypass, she offered PHED officials who made the discovery N1 million bribe in an attempt to stop the escalation of the offence,” he said.
Anonyai said the PHED team refused the bribe in compliance with the company’s zero tolerance on corruption by staff.
“Our investigation revealed that Mexis Group – a Maximum Demand Customer – has been illegally receiving electricity from two feeders in Rumuolumeni and UST for several years.
“Statistically speaking, the quantum of energy illegally consumed over the years by Mexis Group is estimated to be over N36 million to say the least.
“Meanwhile, the electrician, who was hired by the proprietress, has also been arrested in the course of attempting to rearrange the bypass,” he added.
The PHED spokesman said the distribution company had intensified its campaign on meter bypass, energy theft and vandalism to dissuade people from indulging in activities that were capable of affecting PHED’s operations.
According to him, the company has suffered revenue losses of over N2.5 billion monthly to meter bypass and energy theft.
Anonyai noted that PHED’s Managing Director, Dr Henry Ajagbawa had reaffirmed his resolve to institutionalise the company’s zero tolerance policy on illegalities, irrespective of the defaulters’ status in society.
“To this end, PHED has dedicated a whistle blowing line where members of the public can directly report suspected acts of bribery, corruption, and vandalism to Ajagbawa on 08114646572.
“Mexis Group like any other person or company caught in any illegal acts will be prosecuted by authorities in accordance with the extant laws, to serve as a deterrent to others,” he said.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
