These are not the best of times for businessman, Tonye Cole as one of his companies; Ikeja Electric is swimming in N175billion debt. Insiders squealed to us that this huge debt has been giving Tonye Cole nightmares.
Those in the know told us that the banks he borrowed these monies from are on his neck. An online report revealed that: “An examination of the financial statements of Ikeja Electric Plc indicate that the company is in dire need of restructuring as accumulated losses continue to pile.”
“The Distribution firm od (DisCo), having been compelled by the Nigerian Electricity Regulatory Commission (NERC) to publish the results on their websites, reported a loss of N65.18 billion as at December 2016 from N28.61 billion loss the previous year.”
Ikeja Electric’s finance costs have gone up to N5.35 billion while trade and other payables to suppliers increased to N102.54 billion.