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Lawmakers uncover inconsistencies in disbursement of ₦59bn CBN loan for metering project
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Committee queries NERC, NESI-SSL, and Meristem Wealth over fund utilisation and contracts
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Probe targets suspicious approvals and failures in delivering prepaid meters
The House of Representatives Joint Committee has launched a probe into the alleged mismanagement of ₦59 billion released by the Central Bank of Nigeria (CBN) for the National Mass Metering Programme (NMMP).
The Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Ltd, and NESI Stabilization Strategy Ltd (NESI-SSL) faced grilling over poor accountability and questionable contracts tied to the scheme.
Committee Chairman, Hon. Uchenna Harris Okonkwo, disclosed that early findings revealed gaps and contradictions in the programme’s execution, raising doubts about its capacity to achieve the objectives of bridging Nigeria’s metering deficit and curbing estimated billing.
The lawmakers expressed concern over how ₦55.42 billion of the ₦59.28 billion loan was disbursed and queried the approval given to a private firm to take 0.5 percent of Distribution Companies’ (DisCos) annual collections until 2030, describing the deal as suspicious.
NESI-SSL was designated as the Special Purpose Vehicle (SPV) for the initiative, while Meristem acted as the fund manager. However, lawmakers accused both entities of failing to provide full documentation of the transactions and utilisation.
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According to Okonkwo, the committee will carry out a full-scale investigation to expose irregularities and enforce transparency in the electricity sector.
Launched in 2020, the NMMP has been criticised for failing to deliver meters to millions of Nigerian electricity users despite the huge public funds committed.
