Reps Grills NERC And Others Over N59bn Metering Fund

The House of Representatives has raised questions over the management of the ₦59 billion loan released by the Central Bank of Nigeria for the National Mass Metering Programme.

A joint committee of the House, chaired by Hon. Uchenna Okonkwo, said initial findings showed that the programme, launched in 2020 to close the metering gap, boost local meter production, curb losses, and end estimated billing, had failed to deliver on its objectives.

The lawmakers queried the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Limited, and NESI-SSL over their roles in managing the fund. The committee particularly faulted the approval of a clause that allows Meristem Wealth Management Limited to receive 0.5 percent of annual collections from electricity distribution companies until 2030.

Okonkwo disclosed that of the ₦59.28 billion earmarked for the project, ₦55.42 billion had already been disbursed, but the exercise remained riddled with ambiguities, inconsistencies, and contradictions. He noted that Meristem was appointed as fund manager while NESI-Stabilisation Strategy Limited was selected as the special purpose vehicle by the CBN.

The committee expressed worry that, despite NERC’s records showing that Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola electricity distribution companies had received funds for meter installation, there had been no proper verification of the installations by NERC.

Lawmakers accused some of the firms of failing to provide relevant documents during the probe and warned that constitutional provisions would be invoked against anyone frustrating the investigation.

The joint panel directed NERC, Meristem Wealth Management Ltd, NESI-SSL, and others involved to appear at its next sitting as it deepens the inquiry into what it described as glaring anomalies in the power sector’s metering scheme.