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‘Accountability to electricity consumers, stakeholders key to sustainability’

By Femi Adekoya
20 May 2020   |   4:15 am
Operators in the electricity distribution value chain have stated that continued accountability to stakeholders is key to sustained service delivery and growth in the energy sector.

Operators in the electricity distribution value chain have stated that continued accountability to stakeholders is key to sustained service delivery and growth in the energy sector.

One of the operators, Ikeja Electric (IE) Plc, in its 2018 Sustainability Report titled “Committed to Excellence – Half a Decade of Bringing Energy to Life”, stated that the company remains committed to accountability, responsibility and transparency.

The report, which covers the company’s sustainability journey post-takeover with the inherent accomplishments including rebranding, infrastructure investments, smart technology investment and business process investment also touches on performance improvement among other successes attained from the takeover period up to December 2018.

The Chairman of Ikeja Electric, Kola Adesina, in his introductory statement to the report explained: “The scope of IE’s sustainability reports has moved beyond merely communicating financial risks to performance reporting aimed at fostering stakeholder confidence, long-term risk management, building the company’s reputation and refining its corporate vision and strategy. Through the yearly publication of sustainability reports, IE has demonstrated its commitment to accountability, responsibility and transparency, which have unarguably, distinguished the company in the Nigerian Electricity Supply Industry (NESI).”

According to Adesina, the company aims to publish its report on an annual basis, adding that the intended audience for it are key stakeholders, which include customers, employees, shareholders, suppliers, government and regulatory bodies.

He said: “Since we took over in November 2013, we have put in place, strategies that will steer the electricity distribution arm of the electricity sector value chain to greater heights.

“We have assembled a strong leadership team with extensive experience, robust industry and consumer knowledge, focused on innovation and growth. In addition, we have reinvigorated our legacy of sustainability with the introduction of customer-centric initiatives, which are geared towards assuring all stakeholders of a business built on accountability, responsibility, transparency and fairness. We have demonstrated that with the right leadership, the company can continue to grow and improve its performance as expected by all stakeholders.”

Looking beyond the five years, the chairman noted that: “Sustainability will remain a central focus for the company and its Board. Our customers and other stakeholders are crucial to the achievement of our goals; and we believe that a business can only be deemed strong and successful when its stakeholders are satisfied with the services provided. Consequently, the Board will continue to support initiatives that promote its sustainability agenda while creating value in the coming years.”

The report, which is developed by the company’s Governance & Compliance Office, highlights that in 2018, the Sustainable Development Goals (SDGs) aided the company in securing its social licence to operate and build the trust of its stakeholder groups. Businesses cannot succeed in societies that fail, and as such, the company invested in the achievement of SDGs such as ensuring healthy lives and promoting wellbeing for all at all ages, ensuring inclusive and equitable quality education, promoting lifelong learning opportunities for all; achieving gender equality and empowering women and girls.