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 adopted a committee report on Thursday, giving the DISCOs a seven-month deadline to repay the loan to the Central Bank of Nigeria (CBN).
Presenting the report, committee chairman Uchenna Okonkwo said the probe found that the metering scheme, introduced in 2020, had failed to achieve its expected outcomes. The programme was designed to close metering gaps, promote local manufacturing, curb losses, and end estimated billing practices.
Beneficiaries listed include Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola distribution companies, among the 11 firms that received disbursements under the intervention scheme.
Mr Okonkwo noted that the committee engaged the CBN, Meristem Wealth Management, NESI-SSL, the Nigerian Electricity Regulatory Commission (NERC), and other stakeholders during its investigation.
“The report indicates the programme, initiated in 2020, 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,” he said.
“The investigation revealed DISCOs received ₦55.42 billion, leaving ₦3.85 billion unaccounted for.”
The chairman also raised concerns over a clause granting Meristem Wealth Management 0.5 per cent of DISCO collections annually until 2030. The firm has already received ₦450 million for its services – a development the committee strongly criticised.
The committee recommended that Meristem provide its profile, organisational structure, and a detailed report on work carried out under the metering programme.
Following adoption of the report, the House approved the creation of a loan recovery committee by the CBN and NERC to recover funds from beneficiaries before the end of 2026. (NAN)