Isaac Samuel
The House of Representatives has queried the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Limited, and NESI-Stabilization Strategy Limited (NESI-SSL) over the alleged non-utilisation of N59 billion disbursed by the Central Bank of Nigeria (CBN) for the National Mass Metering Programme (NMMP).
The House Joint Committee investigating the disbursement and utilisation of the N59bn CBN loan for NMMP, also raised concerns over an arrangement allowing a private firm to receive 0.5 per cent of annual collections of electricity distribution companies (Discos) until 2030.
Chairman of the committee, Hon. Uchenna Harris Okonkwo, in a statement on Saturday, said preliminary investigations revealed that the NMMP, which was 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 the expected results.
Okonkwo, representing Idemili North/Idemili South Federal Constituency, disclosed that N55.42 billion of the N59.28 billion earmarked had already been disbursed but had not translated into the intended benefits for electricity consumers.
He said the review of the programme showed a lot of ambiguities, inconsistencies, and contradictions, which indicate poor handling and 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 said though the companies were not forthcoming with relevant submission, the committee has decided to carry out a comprehensive investigation with the view to address several anomalies in the electricity distribution in the country.
He however, warned that the committee will not hesitate to invoke relevant constitutional provisions on anyone who is found to be frustrating 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 a rationale behind the clause which states that Meristerm Wealth Management Limited should receive 0.5 per cent of 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.
