The Nigerian Electricity Regulatory Commission has given approval to Ikeja Electric Plc to invest the sum of N121.92 billion for infrastructure upgrade across its network within a period of five years. 

The Nigerian Electricity Regulatory Commission has given approval to Ikeja Electric Plc to invest the sum of N121.92 billion for infrastructure upgrade across its network within a period of five years.

NERC, which is the regulator of Nigeria’s electricity sector, also approved N93.76 billion for Eko Electricity Distribution Company (EKEDC) to upgrade infrastructure across its network within the same period.

The commission made this known in the Performance Improvement Plan and Extraordinary Tariff Review Application for both DisCos which was issued on Monday in Lagos.

The statement was signed jointly by the NERC’s Chairman, Mr. Sanusi Garba, and Mr Dafe Akpeneye, Commissioner, Legal, Licensing, and Compliance.

NERC said the approved PIP and Capital Expenditure programme would take effect from July 1, 2021, to June 30, 2026, unless amended by the commission.

It said the purpose was to boost power supply and distribution by the Electricity Distribution Companies to their customers.