The House of Representatives has raised concerns with the Nigerian Electricity Regulatory Commission (NERC) regarding the allocation of the N59 billion loan from the Central Bank of Nigeria (CBN) designated for electricity distribution companies as part of the National Mass Metering Programme (NMMP).
Uchenna Okonkwo, the chairman of the Joint Committee overseeing the investigation into the distribution and utilization of this loan, disclosed these findings in a statement released on Sunday.
The committee criticized Meristem Wealth Management Limited and NESI-SSL for endorsing a firm that is set to receive 0.5 percent of annual revenues from electricity distribution companies until the year 2030.
Okonkwo expressed that the NMMP, initiated by the Federal Government in 2020 to address the metering deficit in Nigeria, has not met its intended objectives effectively.
The committee pledged to leverage pertinent constitutional provisions against any individuals found to be impeding the investigation.
“We have resolved to conduct a comprehensive investigation aimed at rectifying various irregularities within the electricity distribution sector,” Okonkwo stated.
The lawmaker further noted that Nigerian electricity distribution companies, including Abuja, Ikeja, Eko, Enugu, Kano, and Jos distribution companies, owe significant debts to the CBN for funds allocated for meter installations. However, NERC has yet to authenticate these meter installations.
Nigeria’s metering shortfall was recorded at 7.2 million, with only 6,288,624 electricity customers—representing 46.57 percent of the total 13,503,342 customers—having been registered with distribution companies as of the conclusion of 2024.
