Ikeja Electric Plc has said the power purchase agreement signed with the Magodo Residents Association has been duly executed.
The Head, Corporate Communications, Ikeja Electric, Mr Felix Ofulue, said in a statement that the power firm’s attention had been drawn to a negative publication in the media regarding the power supply agreement.
He noted that Ikeja Electric and the MRA recently signed a PPA under the ‘willing buyer, willing seller initiative’ of the Nigerian Electricity Regulatory Commission.
Ofulue said, “We would like to state categorically that due process was followed in accordance with the constitution of the association, a legal entity registered under the law, in executing this contract. The discussion commenced in December 2018 and we are aware that several meetings and presentations were held to address this subject during the MRA’s open house meeting.
“Within this period, the association further engaged the services of power consultants to conduct a due diligence on the power proposal by IE and after several sessions to vigorously interrogate and review the proposition, the contract was finally approved and executed by MRA Board of Trustees.”
According to the statement, the contract entails that IE will invest in electricity infrastructure in the estate as well as provide reliable and quality electricity supply to the residents, while the customers agree to pay a tariff that is cost-reflective, in line with the willing buyer, willing seller initiative.
Ofulue added, “So far, we are pleased to state that since the implementation of the agreement on August 15, 2019, residents of the estate have been on 24-hour supply. We have also received positive feedback from residents of the estate through our various feedback channels.
“The negative narrative currently being syndicated in online media is the handiwork of aggrieved alternative power sellers for selfish business interests. Ikeja Electric is committed to delivering steady and quality power supply to its customers and will not be deterred by opportunists looking to profit from epileptic power supply.”
