The House of Representatives has launched an investigation into the Nigerian Electricity Regulatory Commission (NERC) over the handling of a ₦59 billion loan disbursed by the Central Bank of Nigeria (CBN) for the National Mass Metering Programme (NMMP).
The probe, spearheaded by the House Joint Committee on Power and Finance, also extends to Meristem Wealth Management Limited and NESI Stabilisation Strategy Ltd (NESI-SSL) for their involvement in a controversial financial arrangement. Lawmakers are questioning a clause that allows a private firm to receive 0.5% of annual revenue collections from electricity distribution companies (DisCos) until 2030.
In a statement released on Saturday, Committee Chairman Hon. Uchenna Okonkwo revealed that preliminary findings show significant gaps and irregularities in the execution of the NMMP.
“The review of the management of the programme has shown a lot of ambiguities, inconsistencies, and contradictions which point to the fact that the NMMP has not been successfully handled to achieve its objectives,” Okonkwo stated.
Launched in 2020, the NMMP aimed to close Nigeria’s electricity metering gap, eliminate estimated billing, reduce collection losses, and boost local meter production. However, lawmakers noted that the programme has fallen short of these goals, raising serious concerns about its implementation.
According to Okonkwo, NESI-SSL was selected as the special purpose vehicle for the programme by the CBN, while Meristem was appointed as the fund administrator. Both entities, however, are accused of failing to fully cooperate with the committee’s requests for documentation and explanations.
The committee warned that it will not hesitate to invoke its constitutional powers against any party obstructing the investigation.
Further scrutiny was directed at NERC, with lawmakers questioning its oversight role. Despite funds being disbursed to several DisCos — including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola — NERC reportedly failed to verify the actual deployment of meters across the country.
The committee has issued summons to NERC, Meristem Wealth Management Ltd, NESI-SSL, and other key stakeholders to appear before it at its next sitting.