The House of Representatives has directed 11 electricity distribution companies (DISCOs) to refund ₦55.42 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 (CBN).
Presenting the report, Chairman Uchenna Okonkwo said the probe, following the committee’s mandate, found that the metering scheme failed to achieve its expected outcomes.
Okonkwo explained that the programme, launched in 2020, aimed to close metering gaps, promote local manufacturing, curb losses, and end estimated billing practices.
He listed beneficiaries as Abuja, Eko, and Enugu distribution companies, alongside Ibadan, Ikeja, and Jos electricity distribution companies. Others include Kano and Yola distribution companies, among the 11 firms that received disbursements under the intervention scheme.
The committee engaged the CBN, Meristem Wealth Management, NESI-SSL, NERC, and other stakeholders during the investigation.
“The report indicates the programme was to be implemented in three phases. ₦59.28 billion was earmarked for the 11 companies, repayable at nine per cent interest—six per cent to financiers and three per cent to the CBN. The investigation revealed DISCOs received ₦55.42 billion, leaving ₦3.85 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 the firm had already received ₦450 million for its services, a development the committee strongly criticised.
The committee recommended that the firm provide its profile, organizational structure, and a detailed report on work completed 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.
