The House of Representatives has raised concerns over the disbursement and utilisation of the ₦59 billion loan granted by the Central Bank of Nigeria (CBN) to electricity distribution companies (Discos) under the National Mass Metering Programme (NMMP).

 

Chairman of the Joint Committee investigating the matter, Hon. Uchenna Okonkwo, disclosed this in a statement on Sunday, noting that the probe seeks to unravel anomalies surrounding the programme.

 

The committee faulted the decision of Meristem Wealth Management Limited and NESI–SSL to approve a firm to receive 0.5 percent of annual collections from Discos until 2030, describing the arrangement as questionable.

 

Okonkwo stressed that despite being launched in 2020 to close Nigeria’s wide metering gap, the NMMP has largely failed to achieve its objectives. He also alleged that while several Discos, including Abuja, Ikeja, Eko, Enugu, Kano, and Jos, remain indebted to the CBN, the Nigerian Electricity Regulatory Commission (NERC) has failed to verify meter installations.

 

As of the end of 2024, Nigeria’s metering gap stood at 7.2 million, with only 6,288,624 electricity customers (46.57%) registered out of a total of 13,503,342 customers.

 

The committee vowed to invoke relevant constitutional provisions against anyone attempting to obstruct the investigation.

 

“We have decided to carry out a full investigation with a view to addressing several anomalies in the electricity distribution sector,” Okonkwo said.