Reps Query NERC Over N59bn CBN Loan for National Mass Metering Programme
By Joseph Iyaji | Akahi News
The House of Representatives has raised serious concerns over the handling of the ₦59 billion Central Bank of Nigeria (CBN) loan meant for the execution of the National Mass Metering Programme (NMMP), querying the Nigerian Electricity Regulatory Commission (NERC) and other key stakeholders.
Allegations of Mismanagement
The House Joint Committee investigating the disbursement and utilisation of the loan also queried Meristem Wealth Management Limited and NESI–SSL for approving a firm to receive 0.5% of annual collections from electricity distribution companies (DisCos) until 2030.
In a statement on Saturday, the committee chairman, Uchenna Okonkwo, revealed that preliminary findings showed that the NMMP, initiated by NERC in 2020 to close the metering gap, encourage local manufacturing, and curb estimated billing, has failed to achieve its objectives.
Contradictions in Programme Execution
According to Okonkwo, the review uncovered ambiguities, inconsistencies and contradictions in the management of the scheme, pointing to poor handling of the programme. He explained that the CBN appointed NESI–Stabilization Strategy Ltd as the special purpose vehicle and Meristem Wealth Management Limited as the fund administrator.
The committee further noted that despite the disbursements, NERC has not verified the installations of the meters allegedly provided by the DisCos, including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano and Yola Electricity Distribution Companies.
Warning of Sanctions
Okonkwo stated that the committee would not hesitate to invoke constitutional powers against any party found obstructing its probe, stressing that transparency is essential in a sector critical to Nigeria’s economic stability.
The House has therefore directed Meristem Wealth Management Ltd, NERC, NESI-SSL and other relevant bodies to appear before it at the next sitting as investigations deepen.
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