When I assumed the role of MD/CEO at Eko Electricity Distribution Company (EKEDC) in 2022, I faced significant hurdles, including ATC&C losses at 29.87% and CE at 82.69%. With my team's support and dedication, we began addressing these challenges, striving for operational improvements. Over time, we made notable progress, reducing ATC&C losses to 1% and improving CE to 99.25% by March 2024.
Similarly, EKEDC achieved its highest-ever monthly collection of N17.1 billion in January 2024, highlighting our financial acumen and strategic vision. It is noteworthy that these achievements were recorded without the need for a tariff increase. Our focus on operational efficiency led to the lowest-ever energy leakage blocked (ATC&C) losses, highlighting our commitment to excellence. In this time, we also launched the fast-delivery mass metering program (Mobile MAP Initiative) under 72 hours, resulting in the delivery of over 80,832 meters. This further demonstrates our dedication to enhancing our customer service and satisfaction.
Upon assuming office, I inherited substantial loans and over N3.6b owed vendors for goods and services already rendered. This exacerbated the company's liquidity challenges, but I took on the responsibility to address these debts. They included a CBN Meter loan amounting to N4,693,706,837.72, a CBN operating expenditure (OPEX) Ramp Up Loan totaling N29,525,442,959.40, and a CBN capital expenditure (CAPEX) loan of N14,487,447,715, all of which were originally intended for capital projects that were later abandoned. Although much of the loan disbursed had little economic value to EKEDC, I urged my team to stay focused and resilient, as we oversaw the repayment of these loans, taking decisive steps to alleviate the financial strain on the company.
Despite the challenges I encountered, one of my first impactful decisions was to raise staff salaries by 25%. This was a significant move as it was the first increase of this magnitude in over a decade at Eko Electricity Distribution Company (EKEDC). This action was taken while we kept operational expenses in check and expanded our fleet by 150 new vehicles, enhancing our capacity to respond to service calls more efficiently.
To achieve my vision of a unique corporate identity grounded in local context, I designed a comprehensive engagement strategy that reflected my dedication to corporate leadership and stakeholder growth. This involved restructuring customer and community interactions, establishing a 24/7 rapid response squad to expedite fault resolution, implementing strategies to improve brand positioning and service delivery, and creating inclusive, impactful, and sustainable Corporate Social Responsibility programs. These initiatives were part of our innovation-driven approach, that led to exceptional outcomes and a surge of activities focused on fostering positive change.
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Furthermore, Eko Electricity Distribution Company (EKEDC) achieved ISO 27001 certification, highlighting our commitment to data protection and security. Our partnership with VI Power enabled us to boost power supply to customers on the Island, demonstrating our dedication to customer satisfaction. Our strategic investments in infrastructure, including the acquisition of Statistical Meters to monitor all existing feeders, have significantly reduced losses and enhanced operational efficiency. This approach translated into a 99.2% complaint resolution rate year-to-date in 2024.
I came to EKEDC with a clear focus on zero tolerance for mediocrity and corruption, emphasizing the pursuit of excellence that has shaped my leadership style. To align everyone with our vision, I prioritized effective communication among all stakeholders. This commitment led to EKEDC ranking 1st in market remittance for Q3, 2023, a notable rise from 3rd place in the previous quarter.
My achievements have been acknowledged with several prestigious awards, including The Peak Performer CEO Of the Year (2023) and Vanguard's Energy Icon of the Year, (2023). Additionally, the Nigeria House of Dream Parliament recognized me as the most proactive female personality in the power sector of Nigeria (2023). Additionally, and most prestigiously, I served as a member of the power committee set up by the Presidency, under the RENEWED HOPE AGENDA of His Excellency, President Bola Ahmed Tinubu.
