The Senate Committee on power sector privatisation has commended the management of Benin Electricity Distribution Plc (BEDC), for being innovative and well-run despite industry challenges.
Bruce, who made the disclosure when he led members of his committee and a team from the Bureau of Public Enterprises (BPE), on a fact-finding visit to the Benin Electricity Distribution Plc (BEDC) last week.
He acknowledged the myriad of challenges facing the power sector, observed that BEDC under the leadership of Mrs Funke Osibodu, had done well since it came on board especially in the areas of community relations, payment platforms and customer services.
In his words, “We have seen the excitement of staff at the training programmes of BEDC, an enabling environment and air of camaraderie among management staff, which we have not seen in other places, which goes to show that the company is well-run, and we had expected no less a good environment given the pedigree and antecedents of your CEO.
He added, “During our visits, we have seen privatised companies that are well-run, some average, while some are badly run, but with what we’ve seen so far about BEDC, I congratulate your management for being one of the well-run companies.”
The Managing Director/Chief Executive of BEDC, Mrs Funke Osibodu, earlier had enumerated series of challenges confronting Discos, stressing the need for the Committee to impress it upon the federal government to dollarize the Naira price for gas; the raw material for electricity production for the power sector.
She also urged the government to subsidise tariff for lower class residential customers similar to what the Indian Government did for its electricity companies.
Osibodu also told the Committee that it was important that government treated existing shortfall in the industry revenue basket as Regulatory Asset Bond (RAB) backed by a legislative cover, and recognised by the Nigerian Electricity Regulatory Commission (NERC).