Fola Akinola, the CEO of Fermadec Group, disclosed that electricity distribution companies have temporarily closed their meter application portals to adjust meter prices in line with current economic conditions, according to a recent meeting with Minister of Power, Adebayo Adelabu, at his office in Lagos State’s Lekki area.
Akinola emphasized that the previous meter prices were unsustainable due to fluctuating exchange rates, urging the Nigerian Electricity Regulatory Commission to cease fixing prices in response to unstable exchange rates.
Highlighting the challenges faced by electricity consumers in accessing meter application portals and enduring estimated billing, Akinola stated, “The portals are closed to enable us to recalibrate prices. The previous fixed prices are no longer feasible.”
He added, “Meter manufacturers and importers are poised to assist the government in bridging the over 7 million metering gap if foreign exchange issues are resolved.”
Akinola expressed concern over the disparity in regulation, noting that while meter sales are regulated, other products are sold at market-driven prices. He assured Nigerians that the meter application portals would reopen soon, allowing individuals to purchase meters through a bidding process.
