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EKEDC suffers N4bn loss in six months, records 18 attacks on assets

Transcorp Power Consortium beats two others to win Afam Power Plc bidOver N4 billion was lost by the Eko Electricity Distribution Company (EKEDC) to vandals in six months. The company said its infrastructure had become a target for vandalism, leading to 18 incidents.

The amount was lost between January to June, and according to EKEDC, majority of the attacks on its assets and electrical installations were in Lagos Island, Mushin, Yaba, Surulere, Ijora, and Apapa.

The company’s Managing Director, Tinuade Sanda, disclosed this at a press conference on Wednesday where she expressed some of the challenges faced by the firm.

Sanda said vandalism accounted for about N3 billion, while the money lost to the outage the vandals caused was up to N1 billion.

Read also: EKEDC explains cause of poor power supply in areas under network

She said the attacks frustrates the efforts of the distributing company to provide stable electricity, as well as longevity of its infrastructure.

“These cases of vandalism have contributed in no small measure to the prolonged outages in our network, leading to disruptions of many businesses, maiming/injury, and loss of lives, particularly of innocent and unsuspecting members of the public.

“We have witnessed 18 incidents, and from our estimate, we have lost about N3 billion to the underground armoured cables that are being stolen and resold in the black market.

“In terms of revenue losses due to prolonged outages, we also estimate an additional loss of N1 billion, which means we have lost about N4 billion to these activities of vandals.” Sanda said.

The post EKEDC suffers N4bn loss in six months, records 18 attacks on assets appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

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