Chairman, Ibadan Electricity Distribution Company, Mr. Tunde Ayeni, on Wednesday hinted that the company would require N30 billion to procure pre-paid meters for the electricity consumers in its area of coverage.
He however appealed to the consumers to be patient with the company in its efforts to reposition it for quality service delivery.
Ayeni spoke with journalists in Ilorin on Wednesday shortly after paying a courtesy call on the Kwara state governor, Alhaji Abdulfatah Ahmed, at Government House, Ilorin, and Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari.
According to him,”The current business agreement that exists between the company and the BPE does not allow the company to source for such huge amount to buy meters for its numerous consumers in its areas of coverage”.
He explained that 30 per cent was based on equity and 70 per cent on debts.
He stated that no banker would give any further advancement to the company unless it possesses a standard resource base to match the current trend in business development.