Nigeria’s House of Representatives has opened a probe into alleged mismanagement of ₦59 billion for the National Mass Metering Program.
Lawmakers flagged inconsistencies, slow progress, and questionable contracts despite huge disbursements.
The House of Representatives has initiated an investigation into the alleged mismanagement of ₦59 billion allocated by the Central Bank of Nigeria (CBN) for the National Mass Metering Program (NMMP).
During a sitting of the Joint Committee on Power, the Nigerian Electricity Regulatory Commission (NERC), NESI Stabilization Strategy Ltd (NESI-SSL), and Meristem Wealth Management Ltd faced tough questions over their handling of the loan and related contracts.
Committee Chairman, Hon. Uchenna Harris Okonkwo, said initial findings revealed glaring inconsistencies and contradictions in how the scheme was executed. He expressed concern that the program may have failed to meet its core objectives of bridging Nigeria’s metering gap and ending arbitrary estimated billing.
Lawmakers disclosed that ₦55.42 billion of the ₦59.28 billion loan had already been disbursed, yet millions of electricity consumers remain without prepaid meters. They also queried the approval of a contract that allows a private company to collect 0.5 per cent of Distribution Companies’ (DisCos) annual revenue until 2030, describing the arrangement as questionable.
NESI-SSL, the designated Special Purpose Vehicle (SPV), and Meristem, the appointed fund manager, were accused of withholding complete records of transactions and fund utilization. The committee vowed to demand full documentation to establish transparency.
Okonkwo assured that the probe would be thorough, stressing that any irregularities would be exposed to restore accountability in the electricity sector.
The NMMP, launched in 2020, was designed to provide millions of prepaid meters to Nigerians and reduce disputes over estimated billing. However, despite huge financial commitments, progress has been slow, fueling frustration among consumers and concerns over transparency in the sector.
