The Joint Committee of the House of Representatives investigating the disbursement and utilisation of the N59 billion Central Bank of Nigeria (CBN) loan for the National Mass Metering Programme (NMMP) has queried the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Ltd, and NESI-Stabilization Strategy Ltd (NESI-SSL) over alleged non-utilisation of the fund.

The lawmakers also questioned the approval granted to a firm to receive 0.5 percent of electricity Distribution Companies’ (Discos) annual collections up to 2030.

In a statement on Saturday, Chairman of the Joint Committee, Hon. Uchenna Harris Okonkwo, said preliminary investigations showed that the NMMP was initiated by NERC and approved by the Federal Government in 2020 to close Nigeria’s metering gap, encourage local meter manufacturing, reduce collection losses, and end estimated billing.

However, he noted that the programme had failed to achieve its objectives.

Okonkwo, who represents Idemili North/Idemili South Federal Constituency, explained that the Joint Committee comprising the Committees on Banking Regulations, Power, Rural Electrification, and Housing engaged Meristem Wealth Management Ltd, NESI-SSL, NERC, and other relevant agencies on the disbursement of N55,424,975,546.96 out of the N59,280,988,305.00 earmarked by the CBN.

He said the committee’s review of the programme revealed “ambiguities, inconsistencies, and contradictions,” indicating poor management and failure to deliver the intended results.

According to him, NESI-SSL was designated by the CBN as the Special Purpose Vehicle (SPV), while Meristem Wealth Management Ltd was appointed as the fund manager/administrator.

Okonkwo added that, although the companies have not been forthcoming with relevant documents, the committee will conduct a full investigation to address anomalies in electricity distribution.

He warned that the committee would not hesitate to invoke constitutional provisions against anyone frustrating the probe.

The committee also expressed concern that, despite NERC’s documentation showing that several Discos including Abuja (AEDC), Eko (EKEDC), Enugu (EEDC), Ibadan (IBEDC), Ikeja (IKEDC), Jos (JEDC), Kano (KEDC), and Yola (YEDC) remain indebted to the CBN for funds disbursed for meter installation, NERC had not verified the actual installations carried out.

The committee further queried the rationale behind the clause allowing Meristem Wealth Management Ltd to allegedly receive 0.5 percent of Discos’ annual collections up to 2030 under the NMMP.

The committeee has directed the management of Meristem Wealth Management Ltd, NERC, NESI-SSL, and other relevant agencies to appear at its next sitting. (Weekend Trust)