Corruption is endemic in the Nigerian society; in fact it has become a culture that portrays non-conformists as deviants. One sector where the prevalence of corruption is most felt is the power sector in-charge of electricity supply to Nigerians. Recently, the Federal Government of Nigeria privatized the power sector with the aim of improving electricity supply to Nigerians and foreigners residing or doing business in the country, but this initiative as it is, appears not to be working. Based on the foregoing, this paper sought to examine the services of these private power companies in relation to the socioeconomic development of Nigeria particularly those living in Uyo metropolis. The Conflict Theory of Karl Marx served as a theoretical guide, while the cross sectional survey was adopted as research design for the study. 150 copies of questionnaire were distributed to members of the public through systematic sampling technique. Also, the in-depth interview method was used to illicit information from a senior staff of the Port Harcourt Electricity Distribution Company (PHEDC), Akwa Ibom State Branch. The study found out that staff of PHEDC do not read consumers’ meters before issuing them monthly electricity bills; rather they derive their monthly charges from estimation which invariably leads to overbilling of most residents in Uyo metropolis. Based on this finding, the study recommends among others that the Nigerian Electricity Regulatory Commission (NERC) should do their job effectively by ensuring that accurate bills are charged the public by the Private Electricity Company in Uyo. This is necessary because, without effective supervision, exploitation and cheating of the public through estimated billing system will not stop.