The Ibadan Electricity Distribution Company (IBEDC) has recorded profit after tax was over N8.9 billion for 2023 audited financial report conducted by reputable audit firm, Ernst & Young (EY), while total assets grew to over N685 billion.
This showed positive indications that the company’s fortunes have dramatically improved from loss making to profit compared to its 2021 audited financial statement in which the company reported a loss after tax of N62.89 billion, with total assets exceeding N557 billion.
But in 2022, the Loss After Tax reduced significantly to N17.90 billion.
A statement released by the distribution company indicated that monthly revenue collection more than doubled—from an average of N10 billion to consistently above N20 billion since December 2024.
In February 2025, the company hit an all-time high monthly collection of N22.028 billion, following a N21.985 billion collection milestone in October 2024.
Furthermore, IBEDC recorded its best Non-Maximum Demand (Non-MD) collection of N7.634 billion in January 2025.
Francis Agoha,an engineer and the Managing Director/CEO ably supported by the Board since assuming office on May 31, 2024 the MD/CEO has not only sustained past gains but significantly recalibrated internal systems to deliver sustainable results.
“As a testament to the ongoing revival championed by the current leadership, IBEDC has successfully transitioned from a loss-making entity to a profitable enterprise” the statement stated.
As the largest electricity distribution company in Nigeria covering Oyo, Ogun, Osun, Kwara, and parts of Niger, Ekiti, and Kogi States, Francis Agoha said the company has upgraded existing infrastructure as well as enhancement of supply quality.
“In Q1 FY25 alone, the company added two new 33kV feeders (Iperu 33kV and Joju 33kV) and three 11kV feeders (Offa Commercial, Igbayilola Commercial, and Technical 11kV feeders), enhancing power distribution and reliability in key locations. Additionally, 91 distribution transformers (DTs) with a combined capacity of 34.45 MVA were added to the grid, directly improving supply for thousands of customers.
“IBEDC is also upgrading customer supply bands, and in Q1 2025, the number of Band B, C, D, and E customers migrated to Band A feeders surged from 30 in April 2024 to 126 by May 2025, increasing the share of customers receiving 20–24 hours of daily electricity.
The company has also enhanced the quality of supply by restoring service to key Maximum Demand (MD) customers. Notably, Mountain of Fire Ministries in Mowe returned to the grid following supply improvements.
According to Agoha , an ongoing partnership with Verge Power facilitated the reconnection of six major MD customers, bolstering revenue and grid utilization. Following the signing of the 30MW power purchase agreement between Bresson, Magboro Power Company and IBEDC on 28th October 2024, customers around Magboro and Mowe are expected to benefit from 24 hours uninterrupted electricity supply very soon, as a result of the collaboration.
“As part of efforts to strengthen our infrastructure and address the growing demand for transformers across our franchise, IBEDC established a transformer repair workshop in 2023. Leveraging local expertise, the workshop delivers high-quality repair services. Since its launch, over 127 transformers have been successfully repaired, bringing relief to approximately 400 communities. This innovative initiative has significantly mitigated the high costs associated with transformer replacement, which have soared due to foreign exchange challenges.
While saying energy theft remains one of the most critical threats to sustainable electricity distribution in Nigeria, the Managing Director/CEO disclosed that between January and October 2024, IBEDC recorded over 8,000 incidents of energy theft, including meter bypasses, illegal reconnections, and direct tampering.
“In response, IBEDC has repositioned its Revenue Protection Team and intensified crackdown of offenders through a partnership with the Special Investigation and Prosecution Task Force on Electricity Offences (SIPTEO). Offenders are now being prosecuted under the full weight of the law, signaling a strong deterrent against future infractions.
“Alongside enforcement, IBEDC is running extensive community awareness campaigns to educate customers on the financial and legal consequences of energy theft. Simultaneously, it is investing in smart metering solutions and Advanced Metering Infrastructure (AMI), enabling real-time monitoring, leak detection, and remote disconnection—critical tools for loss prevention and improved efficiency.
With these combined measures, IBEDC aims to reduce its Aggregate Technical, Commercial, and Collection (ATC&C) loss rate from an average of 32.73% in 2024 to below 25% by the end of 2025. In fact, the company recorded its lowest-ever ATC&C loss rate of 24.30% in October 2024. IBEDC ranked 3rd best in ATC&C performance in Q4 2024, a testament to the impact of these measures.
