Ikeja Electric announces Price increase

Ikeja Distribution Company (IE) has announced that the price of prepaid meters under the meter asset provider (MAP) scheme has been reviewed upward with effect from June 1, 2020.

The electricity distribution company said the review is in compliance with a directive by the Nigerian Electricity Regulatory Commission (NERC).

IE said customers will now have to pay N89,063:33 for a three phase meter and N48,263:37 for a single phase meter (VAT inclusive), these are upward reviews from N72,085:68 and N39,765:86 respectively.

The Nigerian Electricity Regulatory Commission (NERC) said “In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria (CBN) and the applicable rates available to importers of meter components and/or fully assembled meters through the investors and exporters forex window.”