CBN Intervention Pushes Up Power Asset Upgrade – EKEDC

The management of Eko Distribution Company (EKEDC), said it is judiciously expending funds meant for asset upgrade, especially, in the areas of infrastructure such as 11kv and 33kv feeders, and switchgear, to assist the DisCo in delivering adequate and reliable power supply.

The commitment reassurances was made after the Central Bank of Nigeria (CBN) applauded the Distribution Company for its efforts in achieving the federal government’s and CBN’s intervention schemes in the power sector.

The commendation was made when the CBN team carried out monitoring and evaluation tour of the CBN-funded Capex intervention facilities for electricity distribution companies.

The CBN delegation, led by the director of Development Finance, Yusuf Yila, was accompanied by the director of Strategy Management, Clement Buari and the director of Trade and Exchange, Ozoemena Nnaji.

Speaking, Yila said: “we are here to ensure that the funds disbursed are adequately utilised, and to listen to the challenges that have emanated in the course of implementing these projects.”

He emphasised that, the National Mass Metering Scheme is important to the CBN as the tour was also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.

EKEDC spokesperson, Godwin Idemudia, explained that, the CBN has embarked on several performance improvement projects to reduce the various challenges plaguing the electricity industry in Nigeria.

Idemudia said the apex bank had been funding the procurement, installation, rehabilitation and replacement of some electricity distribution infrastructure such as 11kv and 33kv feeders, and switchgear, to assist the Discos in delivering adequate and reliable power supply.