The managing director of Ibom power company limited, Engineer Meyen Etukudo, has stated that a lot of money is still needed to be pumped into Nigeria’s power sector. Etukudo made the comment after he was conferred with the highest honour of the engineering profession in Nigeria (fellowship) by the Nigerian Society of Engineers (NSE) on Friday, October 20.
Speaking to NAIJ.com at the event, Etukudo lamented that there is not enough money pumped into the power sector. Engineer Etukudo receiving his fellowship conferred on him by the NSE recently in Abuja. Photo credit: Dada Michael
He also faulted the privatization process, stressing that it has not improved the financial capacity of power companies across the nation. His words: “I come from the NEPA background and NEPA staff really resisted privatization, because it was not ripe, the football field was not set, the platform was not ready. “Go and look back now, look at generation companies, how do they pay the gas, where is the money to pay?
How do they turn around maintenance when there is no money? “Today, distribution cannot give meters to 50% of the power consumers in Nigeria, so, a lot of things still has to be done for privatization. We have to put down some money in the power sector to do something.” NAIJ.com checks revealed that under Etukudo’s watch, Ibom power company limited recently recorded 18 hours power supply.