The House of Representatives has declared that the National Mass Metering Programme (NMMP) has failed to achieve its objectives, despite the Central Bank of Nigeria (CBN) disbursing over N55 billion to bridge Nigeria?s metering gap.

Chairman of the Joint House Committee investigating the disbursement and utilisation of N59 billion Central Bank of Nigeria loan for NMMP, Uchenna Harris Okonkwo, made the submission in a statement made available to journalists in Abuja on Saturday.

The committee queried the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Limited, and NESI-Stabilization Strategy Limited (NESI-SSL) over alleged mismanagement of the funds and the controversial approval for a firm to collect 0.5 per cent of electricity distribution companies? (Discos) annual collections until 2030.

Okonkwo said preliminary investigations revealed that the NMMP, initiated by NERC and approved by the Federal Government in 2020 to close the metering gap, promote local meter manufacturing, curb collection losses, and end estimated billing, had failed to deliver on its mandate.

Okonkwo, who represents Idemili North/Idemili South Federal Constituency, disclosed that N55,424,975,546.96 out of the earmarked N59,280,988,305.00 had already been disbursed but without significant impact.

He said the review of the programme revealed numerous ambiguities, inconsistencies, and contradictions, indicating poor handling and a lack of accountability.

According to him, NESI-SSL was selected as the special purpose vehicle (SPV) by the CBN, while Meristem Wealth Management Limited was appointed as the fund manager/administrator.

The lawmaker stated that, although the companies were not forthcoming with relevant submissions, the committee has decided to conduct a comprehensive investigation to address several anomalies in the country?s electricity distribution.

He, however, warned that the committee will not hesitate to invoke relevant constitutional provisions against anyone found to be obstructing the investigation.

The committee further expressed concern that, despite documents showing that several electricity distribution companies, including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola Discos, received disbursements to install meters, NERC had yet to verify the installations.

The lawmaker also noted that the committee is worried about the rationale behind the clause, which states that Meristerm Wealth Management Limited should receive 0.5 per cent of the annual collection of Disco up to 2030 for the National Mass Metering Programme.

The committee directed the management of Meristem Wealth Management Ltd, NERC, NESI-SSL and other relevant bodies to appear in their next sitting. (The Guardian)

Update news