The management of Eko Electricity Distribution Plc. (EKEDP) on Thursday said that the company would install 40,000 smart meters in the next three months.
Mr Oladele Amuda, the Chief Executive Officer (CEO), EKEDP told the News Agency of Nigeria (NAN) in Lagos that the company had just received the meters.
Amuda said that the new meters would be installed for consumers with bad or faulty meters within the zone.
He said that the meters were procured from one of the local meter manufacturers as endorsed by the Minister of Power, Works and Housing, Mr Raji Fashola.
The Chief Executive Officer said that some of its consumers in Orile, some parts of Mushin, Ijora, Iponri and Aguda areas had been given free smart meters.
He said that the company had a five-year plan to install meters for all the consumers within zone free of charge and that the metering would cost the company over N52 billion.
Amuda said that the money for the metering would be borrowed from banks by the investor.
He said the company had installed more than 10,000 smart meters for consumers and promised to increase the figure this year.
The CEO, however, urged consumers who may not want to wait to apply for meters through Credited Advance Payment for Metering Implementation (CAPMI) scheme.
Amuda said that the money paid under this scheme would be refunded in installments with 12 per cent increment.
The chief executive officer advised consumers within the zone to ensure that they pay their bills regularly to avoid being disconnected by the company. (NAN)