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File photo of members of the House of Reps during plenary
The House of Representatives has launched an investigation into the N200 billion National Mass Metering Programme (NMMP), initiated in 2020 by the Central Bank of Nigeria (CBN) to provide free electricity meters to Nigerian consumers.
The programme, a collaboration with the Nigeria Electricity Regulatory Commission (NERC) and stakeholders in the Nigeria Electricity Supply Industry (NESI), aimed to eliminate arbitrary billing, close metering gaps, and enhance network monitoring.
Committee Chairman Uchenna Harris Okonkwo (LP-Anambra) stated: ?Under the pilot phase ?0? of the programme?s implementation, CBN commenced with the sum of N59.280 billion for procurement and installation of 1 million meters in 2020 at an interest rate of 9 per cent after a two-year moratorium.?
However, only N55.4 billion was disbursed for 962,832 meters, short of the 1 million target. Of the N54.4 billion received by 11 Electricity Distribution Companies (DisCos), only N7.1 billion has been repaid by 2024, excluding the 9% interest.
Okonkwo questioned the management by NESI SSL, Meristerm Wealth Management Limited, and Meristerm Securities Limited, noting: ?This calls for an explanation as to how NESI SSL (the Special Purpose Vehicle created for NMMP), Meristerm Wealth Management Limited, and Meristerm Securities Limited (the fund managers) handled the NMMP in the national interest.?
He mentioned unaddressed phases: Phase 1, funded by CBN and Deposit Money Banks for 1.5 million meters, and Phase 2, World Bank-funded for 4 million meters.
Citing transparency and accountability concerns, the House, under Sections 88(1) and (2) of the 1999 Constitution, formed a 19-member subcommittee, chaired by Okonkwo (Idemili North and South), with three members from each geopolitical zone, to probe the N200 billion loan?s disbursement and utilisation by DisCos. (Daily Sun)
