THE House of Representatives has questioned the Nigerian Electricity Regulatory Commission (NERC) over the ₦59 billion loan from the Central Bank of Nigeria meant for the National Mass Metering Programme (NMMP) and its inability to close the widening metering gap.
The Joint Committee investigating the disbursement and use of the loan also queried Meristem Wealth Management Limited and the Nigeria Electricity Supply Industry Industry Stabilisation Limited (NESI SSL) for approving a firm to receive 0.5 per cent of annual collections from electricity distribution companies until 2030.
In a statement on Saturday, August 23, Chairman of the investigating committee, Uchenna Okonkwo, said preliminary findings showed that the NMMP, initiated by NERC in 2020 to close the metering gap, support local meter manufacturers, and curb estimated billing, has so far failed to deliver the expected results.
“The review of the management of the programme has shown a lot of ambiguities, inconsistencies, and contradictions, which point to the fact that the programme has not been successfully handled to achieve the desired objectives.
“The committee has decided to carry out a full investigation with a view to addressing several anomalies in the electricity distribution in the country,” Okonkwo noted in the statement.
According to Okonkwo, the CBN appointed NESI-SSL as the special purpose vehicle for the NMMP, while Meristem Wealth Management Limited was named fund manager. He noted that the companies have not provided the required submissions, warning that the committee would apply constitutional measures against anyone obstructing the probe.
The committee further raised concern that, despite evidence showing several electricity distribution companies — including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola — still owe the CBN for meter installation funds, NERC has yet to verify whether those meters were actually installed.
They further directed Meristem Wealth Management Ltd, NERC, NESI-SSL, and other relevant stakeholders to attend its next sitting.
Fatimah Quadri is a Journalist and a Fact-checker at The ICIR. She has written news articles, fact-checks, explainers, and media literacy in an effort to combat information disorder.
She can be reached at sunmibola_q on X or fquadri@icirnigeria.org