Business: EKO Disco losses over N50m monthly

Mr Oladele Amoda, Chief Executive Officer, Eko Electricity Distribution Company Plc, said on Saturday that over N50 million was being lost monthly to electricity equipment vandalism within its network.
Amoda disclosed against the backdrop of continuous power outage within EKEDP network.
He condemned the increasing equipment vandalism within its operations, adding that it has forced the company to spend money meant for other electricity development projects on repairs.
He said that electricity materials, such as cables and wires, among others, had either been stolen or vandalised within its operations.
He said that some areas where equipment vandalism had been rampant are Apapa, Mushin, Ikoyi, Ajegunle and Festac of Lagos State.
According to him, equipment such as 300KVA and 500KVA are being destroyed in Eko Disco monthly.
“Vandalism of electricity installations in the areas has become a problem, and within the past four months, the unit has recorded further acts of vandalism of nine transformer substations.

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