Cost of Prepaid Meter Drops, Ikeja Electric Releases New Prices
- Ikeja Electric announced updated prepaid meter prices, reducing costs for both single-phase and three-phase meters
- The revised rates were published on the company’s official X account and reflect approved prices under the Meter Asset Provider (MAP) scheme
- Based on the new changes, a single-phase meter now ranged from above N133,000 and three-phase meters from N219,497.09
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ikeja Electric has reduced prices for prepaid meters, with updates to both single-phase and three-phase meters.
These changes were published on the company’s official X account on Friday, August 8, 2025.
Source: UGC
According to the updated list, the price of a single-phase meter has dropped by N1,259, from N140,240.91 in January 2025 to N138,982.34 in August 2025, a reduction of 0.9%.
For three-phase meters, the new average price is N233,554.20, a decrease of N3,431 from N236,985.66, or a 1.45% drop over the same period.
Prepaid meter changes
Ikeja Electric said the changes align with the approved rates under its Meter Asset Provider (MAP) scheme and are intended to ensure customers can purchase meters at the most up-to-date and approved rates under the MAP scheme.
The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.
The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.
Snapshot of new prepaid meter prices
Holley Metering Ltd has lowered its one-phase meter price from N138,973.22 in January to N133,854.03 in August. For the three-phase meter, the price dropped from N226,110.82 to N219,497.09.
Paktim Metering reduced its one-phase price from N139,750.00 to N137,600.00, while the three-phase meter decreased from N236,500.00 to N233,275.00.
Aries Electric Ltd made a slight adjustment, reducing the one-phase price from N145,138.50 to N145,125.00. The three-phase meter price was lowered from N268,750.00 to N258,000.00.
Mojec Asset Management also made a small decrease, with the one-phase meter price dropping from N135,987.50 to N135,718.75.
Source: Twitter
How meter pricing works
In May 2024, the Nigerian Electricity Regulatory Commission (NERC) deregulated prepaid meter prices under the MAP scheme for end-user customers.
Ikeja Electric receivership
IKEJA Electric has dismissed media reports that the company has slipped into a receivership following a recent court ruling.
The company’s chief legal and regulatory officer, Babatunde Osadare, refuted this on behalf of management.
Reacting to the development, Muda Yusuf, CEO of Centre for the Promotion of Private Enterprise (CPPE ) told Legit.ng that the report of the Ikeja Electric receivership highlights the persistent challenges of the power sector, which has become a troubling conundrum.
He noted that the problem is from flawed privatisation processes, ageing equipment.
Yusuf noted:
"Limited technical and financial capacity of the power distribution firms, problematic pricing and tariff structures, coupled with affordability concerns among citizens and an unsustainable subsidy regime, have resulted in an acute liquidity crisis in the sector."
"The power sector is not just a business; it is crucial for economic development, sustainability, and security.
"While a sustainable framework for power sector liquidity and subsidies is being developed, the government must take immediate steps to stabilise the sector."
State govt slashes Band A tariff
Earlier, Legit.ng reported that the Enugu Electricity Regulatory Commission (EERC) announced a reduction in electricity tariffs for Band A customers in the state, effective from August 1, 2025.
According to a notice to MainPower Electricity Distribution Limited, the utility that succeeded Enugu Electricity Distribution Company (EEDC), Enugu residents under Band A will now pay N160 per kilowatt-hour (kWh).
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Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
