Reps Slam NERC, Firms Over Missing N59bn Metering Funds, Demand Accountability

By Emmanuel Kwada

The House of Representatives Joint Committee investigating the N59 billion Central Bank of Nigeria (CBN) loan for the National Mass Metering Programme (NMMP) has raised serious concerns over the alleged mismanagement of funds by the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Ltd, and NESI-Stabilization Strategy Ltd (NESI-SSL).

The probe, led by Hon. Uchenna Harris Okonkwo, also questioned a controversial approval allowing a firm to collect 0.5 percent of electricity Distribution Companies’ (Discos) annual revenue until 2030.

In a statement issued on Saturday, Okonkwo, representing Idemili North/Idemili South Federal Constituency, revealed that the NMMP, launched in 2020 to bridge Nigeria’s metering gap, promote local meter production, and eliminate estimated billing, has failed to meet its objectives. Preliminary findings uncovered “ambiguities, inconsistencies, and contradictions” in the programme’s execution, pointing to poor management and unachieved results.

N55.42 billion of the N59.28 billion allocated by the CBN was disbursed

The committee, comprising members from the Committees on Banking Regulations, Power, Rural Electrification, and Housing, disclosed that N55.42 billion of the N59.28 billion allocated by the CBN was disbursed.

NESI-SSL served as the Special Purpose Vehicle (SPV), while Meristem Wealth Management Ltd acted as the fund manager. However, both entities have been uncooperative in providing critical documents, prompting the committee to vow a thorough investigation.

Lawmakers expressed alarm that several Discos, including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola, remain indebted to the CBN for funds meant for meter installations, with NERC failing to verify actual deployments. The committee also questioned the rationale behind the clause granting Meristem Wealth Management Ltd a share of Discos’ collections through 2030, calling it a potential misuse of public resources.

Okonkwo warned that the committee would invoke constitutional powers against any party obstructing the probe. NERC, Meristem Wealth Management Ltd, NESI-SSL, and other relevant agencies have been summoned to appear at the committee’s next sitting to address these discrepancies.

As Nigeria grapples with persistent metering challenges and unreliable electricity supply, the outcome of this investigation could reshape accountability in the power sector.