Probe finds gaps in metering scheme implementation as lawmakers mandate repayment and set up recovery mechanism.

By Ifeoma Onyekachi

The House of Representatives has directed 11 electricity distribution companies (DISCOs) to refund N55.42 billion disbursed under the National Mass Metering Programme (NMMP), citing lapses in the execution of the initiative.

The resolution followed the adoption of a report presented on Thursday by the House Committee on Public Assets, which investigated the utilisation of funds allocated to the scheme.

Chairman of the committee, Uchenna Okonkwo, said the probe uncovered significant shortcomings in the programme, which was launched in 2020 to address Nigeria’s metering deficit, reduce estimated billing, and support local meter manufacturing.

According to the report, a total of N59.28 billion was approved for disbursement to the 11 DISCOs at an interest rate of nine per cent—six per cent to financiers and three per cent to the Central Bank of Nigeria (CBN). However, findings showed that only N55.42 billion was accessed by the companies, leaving a balance of N3.85 billion yet to be accounted for.

The affected distribution companies include Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola DISCOs, among others that benefited from the intervention.

Okonkwo disclosed that the committee engaged key stakeholders during the investigation, including the CBN, Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management, and NESI Stabilisation Strategy Limited (NESI-SSL).

He also raised concerns over a contractual provision that entitles Meristem Wealth Management to 0.5 per cent of DISCOs’ annual collections until 2030. The firm has reportedly received N450 million so far—an arrangement the committee described as questionable.

As part of its recommendations, the House directed Meristem to submit its corporate profile, ownership structure, and a comprehensive account of its role in the metering programme.

Lawmakers further approved the establishment of a joint loan recovery committee comprising the CBN and NERC to ensure full repayment of the funds by the beneficiary companies before 2026.