New Telegraph 
The House of Representatives Joint Committee investigating the disbursement and utilisation of N59bn Central Bank of Nigeria (CBN) loan for the execution of the National Mass Metering Programme has queried the Nigerian Electricity Regulatory Commission (NERC).
Saturday Telegraph reports that the Committee also queried Meristem Wealth Management Limited and NESI–SSL for giving approval to receive 0.5% of annual collection from electricity distribution companies to 2030.
This was contained in a press statement issued on Saturday, August 22, by its Chairman, Uchenna Okonkwo.
According to the statement, the committee disclosed that an initial investigation carried out by the committee revealed that the NNMP was initiated by the NERC for “Closing metering gap, encourage local meters manufacturers, stop collection losses and estimated billing.”
The committee noted that while the programme was approved by the Federal Government in 2020, “It has failed to yield expected results.”
Okonkwo, who represents Idemili North/ Idemili South Federal Constituency, noted that the Joint Committee comprising House Committees on Banking Regulations, Power, Rural Electrification, and Housing, in the course of investigation, “Engaged Meristerm Wealth Management Ltd, NESI-SSL and Nigerian Electricity Regulatory Commission and other relevant bodies on the disbursement of ₦55. 42bn out of the initial N59. 28bn earmarked for national metering by the apex bank.”
The statement quoted Okonkwo as saying, “The review of the management of the programme has shown a lot of ambiguities, inconsistencies and contradictions which point to the fact that the programme has not been successfully handled to achieve the desired objectives.”
The detail of the programme, according to him, shows that NESI-Stabilisation Strategy Ltd was chosen as a special purpose vehicle by the CBN, while Meristerm Wealth Management Limited was appointed as the fund manager/administrator.
Okonkwo added that though the companies were not forthcoming with relevant submissions, “The committee has decided to carry out a full investigation with a view to addressing several anomalies in the electricity distribution in the country.”
The committee pledged to invoke relevant constitutional provisions against anyone who was found to be frustrating the investigation.
The committee expressed concern, that despite documents from NERC showing that the electricity distribution companies namely, Abuja Electricity Distribution Company, Eko Electricity Distribution Company, Enugu Electricity Distribution Company, Ibadan Electricity Distribution Company, Ikeja Electricity Distribution Company, Jos Electricity Distribution Company, Kano Electricity Distribution Company, and Yola Electricity Distribution Company, are owing the CBN for disbursements made to them to install meters, “NERC has not verified the Installations of those meters.”
He expressed worry over the clause which states that Meristerm Wealth Management Limited should receive 0.5% of the annual collection of Disco up to 2030 for the National Mass Metering Programme.
The committee directed the management of Meristem Wealth Management Ltd, NERC, NESI-SSL and other relevant bodies to appear in the next sitting.
