Abuja: The House of Representatives has directed 11 electricity distribution companies to refund N55.42 billion obtained under the National Mass Metering Programme (NMMP). Lawmakers on Thursday adopted a committee report giving the DISCOs a seven-month deadline to repay the loan to the Central Bank of Nigeria.
According to News Agency of Nigeria, Chairman Uchenna Okonkwo presented the report, stating that the probe followed the committee’s mandate and found the metering scheme failed to achieve expected outcomes. The programme, introduced in 2020, aimed to close metering gaps, promote local manufacturing, curb losses, and end estimated billing practices. The beneficiaries include Abuja, Eko, and Enugu distribution companies, alongside Ibadan, Ikeja, and Jos electricity distribution companies. Kano and Yola distribution companies were also among the 11 firms that received disbursements under the intervention scheme.
Okonkwo mentioned that the committee engaged with the Central Bank, Meristem Wealth Management, NESI-SSL, NERC, and other stakeholders during the investigation. ‘The report indicates the programme, initiated in 2020, was to be implemented in three phases. N59.28 billion was earmarked for the 11 companies, repayable at nine per cent interest, with six per cent to financiers and three per cent to the CBN. The investigation revealed DISCOs received N55.42 billion, leaving N3.85 billion unaccounted for,’ he said.
The chairman raised concern over a clause granting Meristem Wealth Management 0.5 per cent of DISCO collections annually until 2030. He noted that the firm had already received N450 million for its services, a development the committee strongly criticised. The committee recommended the firm provide its profile, structure, and a detailed report on work done under the metering programme.
Following adoption, the House approved the creation of a loan recovery committee by the CBN and NERC to recover funds from beneficiaries before 2026.