We surveyed 15 estates in Ogba, Fagba, Opebi, Yaba, Ikeja, Surulere, Victoria Island, Lekki Phase 1, Ikoyi, Osapa, Chevron and Ajah. Our analysis shows that the average tariff grew by over 70% from 90/KwH to 178/KwH between February and July.
Based on the analysis above, this means the average 3-bedroom apartment has seen its total energy expenses grow from N70,000 to N140,000 per month in the space of 6 months. In the high inflationary environment, we are in, where incomes are yet to rise, this should illustrate how difficult things are getting for the average Nigerian.
As the diesel prices surge in astronomical proportion, tenants are spending more time scrutinising how spending is taking place and are also requesting better accountability on all expenses from the facility manager that is responsible. This extra scrutiny reveals how badly the assets’ accounts were managed.
On the other hand, for well-managed estates, the diesel price increase merely reinforced the management capacity of the facility managers. They said, while this is sufficient in some instances, it presents a challenge to tenants, especially in the wake of the emerging trend toward remote working. This has resulted in some residents spending more time in the office, despite having the flexibility to work from home.