The House of Representatives has raised serious concerns over the disbursement and use of ₦59 billion meant for the National Mass Metering Programme (NMMP), questioning the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Ltd, and NESI-Stabilization Strategy Ltd (NESI-SSL) for alleged mismanagement of the funds.
The probe is being led by the Joint Committee on Banking Regulations, Power, Rural Electrification, and Housing, chaired by Hon. Uchenna Harris Okonkwo, who represents Idemili North/Idemili South Federal Constituency.
According to Hon. Okonkwo, preliminary findings suggest that while ₦55.4 billion of the total ₦59.2 billion loan from the Central Bank of Nigeria (CBN) has been disbursed, the programme has failed to meet its key goalsgoals, including bridging Nigeria’s metering gap, promoting local meter manufacturing, and ending estimated billing practices.
He revealed that Meristem Wealth Management was appointed as the fund administrator, while NESI-SSL served as the Special Purpose Vehicle (SPV) overseeing implementation.
However, both firms, along with NERC, are under scrutiny for not providing adequate documentation or results to justify the funds received.
“Our investigation uncovered inconsistencies and contradictions that point to poor execution of the metering programme,” Okonkwo said.
The lawmakers are also questioning a clause that reportedly allows Meristem Wealth Management to collect 0.5% of electricity Distribution Companies’ (Discos) annual revenue up to 2030, a move they say lacks transparency and justification.
Despite evidence that several Discos including those in Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola, remain indebted to the CBN for funds issued for meter installation, the committee noted that NERC has yet to verify the number of meters actually installed.
Okonkwo warned that the committee would invoke relevant constitutional powers if stakeholders fail to cooperate fully with the investigation.
The committee summoned officials from Meristem, NERC, NESI-SSL and other involved parties to appear before it at the next hearing.
