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Business - July 2, 2019

Suspension: Ikeja Electric releases statement

Electricity distribution company, Ikeja Electric (IE) has released a statement following the company’s suspension from the electricity market by Market Operator.

The statement reads: “Our attention has been drawn to the publication issued by the Market Operator (MO) suspending Ikeja Electric (IE) from the electricity market.

“By way of setting the records straight, it is important to state that IE provided a security cover to the MO as stated in the said publication.

“However, the MO by its letter dated 13th June 2019 and received on Friday, 21st June 2019 advised IE to increase the value of the Security Cover within 2 business days. In view of the very short notice period, Ikeja Electric submitted a duly acknowledged letter to the MO on Tuesday, 25th of June 2019 seeking for extension of time to submit the Bank Guarantee to provide sufficient time for it Bankers to process the requests through the bank’s credit committees and other relevant approvals procedures.

“We are therefore at a loss at the MO’s order, signed on 26th June 2019 and published Saturday.

“Notwithstanding the above, IE assures all its customers and other stakeholders that everything will be done to ensure that there is no deliberate disruption to services.

“We will continue to engage the Market Operator – who plays a critical role in stabilizing the Market and the Sector – to resolve the issues raised in the publication,” the statement concludes.

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