The House of Representative has set up a sub -committee to investigate the Central Bank of Nigeria (CBN)’s National Mass Metering Programme (NMMP) for which the sum of N200 billion was earmarked in 2020.
Hon. Uchenna Okonkwo, Chairman of the newly inaugurated committee made this known in a statement in Abuja on Wednesday.
Okonkwo said that the committee was constituted with three members from each of the six geo-political zones with Hon. Uchenna Okonkwo, representing Idemili North and South Federal Constituency as the Committee Chairman.
“Other members of the committee are; North East- Hon. Obed Shehu, Hon. Ali Shettima, Hon. Abel Fuah. North West – Hon. Salisu Koko, Hon. Ahmed Munir, Hon. Sani Umar Bala.
“North Central- Hon. Gbefwi Jonathan, Hon. Abdulmaleek Danga, Hon. Chinedu Obika, South West – Hon. Okunlola Lanre, Hon. Abass Adekunle, Hon. Akinosi Akanni.
“South South – Hon. Obuzor Victor , Hon. Peter Akpanke, Hon. Ngozi Lawrence. South East – Hon. Ogah Godwin, Hon. Moore N, Hon. Ikeagwuonu Onyinye, ‘’he said.
Okonkwo said that the of N200 billion was set aside for Licensed Electricity Distribution Companies to provide free meters for consumers.
“It is on record that NMMP was introduced in 2020 by the Central Bank of Nigeria in collaboration with Nigeria Electricity Regulatory Commission (NERC) and other key stakeholders in Nigeria Electricity Supply Industry (NESI).
“ With the aim of managing conflicts between energy users and Electricity Distribution Companies (DisCos) to facilitate the elimination of arbitrary billing, close the metering gaps, and improve network monitoring within NESI, ‘’he said.
According to him, the programme was to be implemented in three phases to ensure the reduction of collection losses and improve market remittances in the industry.
‘’Under the pilot phase ‘0’of the programme’s implementation, CBN commenced with the sum of N59.280 billion for procurement and installation of 1 million meters in 2020 at an interest rate of 9 per cent after a two year moratorium.
“Preliminary research on the NMMP has shown that instead of the sum of N59.280 billion naira for the phase 0, what was released was N55.4 billion for procurement and installation of 962,832 meters instead of 1,000,000 meters pronounced by CBN.
“Research has also shown that what the eleven Electricity Distribution Companies who received the loan has paid back to CBN as refund for the N54.4 billion they received in 2020 is N7.1 billion as at 2024 without mentioning the 9 per cent interest on the loan.
Okonkwo said that this calls for explanation as to how NESI SSL (the Special Purpose Vehicle created for NMMP) , Meristerm Wealth Management Limited and Meristerm Securities Limited (the fund managers ) handled the NMMP in national interest.
He said that also of concern to the House of Representatives is that, the phase 1 of the NMMP which CBN and Deposit Money Banks (DMBS) were to fund for procurement and installation of 1,500,000 meters was not addressed.
The chairman also said that the phase 2 of NMMP which the World Bank was to fund for procurement and installation of 4,000,000 meters was not also addressed.
“Having considered the effect of the above situation on the nation’s economic and social development, as well as transparency and accountability in the management of public funds,
“House of Representatives, relying on its powers contained in Sections 88(1) and (2) of the 1999 Constitution of the Federal Republic of Nigeria as amended.
“Decided to set up Sub – Committee to investigate the disbursement and utilization of the N200 billion naira CBN loan for NMMP to DiScos, he said.