The House of Representatives has raised fresh concerns over the disbursement and utilisation of the ₦59 billion Central Bank of Nigeria (CBN) loan allocated for the National Mass Metering Programme (NMMP).
In a statement issued on Saturday, Chairman of the Joint Committee investigating the programme, Hon. Uchenna Okonkwo, disclosed that the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Limited, and NESI-Stabilisation Strategy Limited (NESI-SSL) had been queried over questionable approvals and inconsistencies in fund management.
The probe, which involves the Committees on Banking Regulations, Power, Rural Electrification, and Housing, focuses on the disbursement of ₦55.42 billion out of the ₦59.28 billion earmarked for the NMMP.
According to Okonkwo, the programme—initiated in 2020 to close the metering gap, encourage local manufacturers, and end estimated billing—has failed to meet its objectives.
“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,” he said.
The committee noted that NESI-SSL was selected by the CBN as the special purpose vehicle for the programme, while Meristem Wealth Management Limited was appointed as the fund manager. However, lawmakers expressed concern over a clause entitling Meristem to receive 0.5% of annual collections from distribution companies (DisCos) until 2030.
The committee also flagged NERC for failing to verify meter installations despite documents showing that several DisCos—including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola—are indebted to the CBN for disbursements received under the programme.
Okonkwo further warned that the committee will invoke constitutional provisions against any individual or organisation found frustrating the investigation.
The committee has directed Meristem Wealth Management Limited, NERC, NESI-SSL, and other relevant stakeholders to appear at its next sitting for further questioning.
