The study was to investigate how the unbridled commitment of the electricity distribution companies in Nigeria to profit affects their spirituality in consumer value creation; while also establishing the extent to which the distribution companies have affected the consumers with the fraudulent and unethical estimated and coded billing system inherited from the defunct Power Holding Company of Nigeria. Focus was on Ikeja Electricity Distribution Company. Within the operational domain of Ikeja Electricity Distribution Company, the study concentrated on the electricity consumers in Alimosho Local Government Area in Lagos State. The sample size was 377 calculated using Raosoft sample size calculator. Out of the 377 copies of the questionnaire administered, 322 were returned fully completed representing a response rate of 85.41%. Two hypotheses were tested; and they showed that: 1) The unbridled commitment to pursuit of profits by the electricity distribution companies (Discos) as private investors has a significant effect on their ability to adhere to spirituality in value creation for the electricity consumers; and 2) The adoption of inherited billing system by the electricity distribution companies (Discos) as private investors has a significant effect on their ability to adhere to spirituality in value creation for the electricity consumers. The analysis of data was done with Z test. There were 14 findings. The main recommendation is that the distribution company should jettison the fraudulent and unethical estimated and coded billing system and embrace spirituality in value creation using the generic building blocks of competitive advantage: efficiency, quality, innovation, and customer responsiveness which will make them gain competitive advantage over their rivals; even the industry is eventually deregulated.