Nigeria’s House of Representatives has opened a fresh investigation into how the Nigerian Electricity Regulatory Commission (NERC) and other key players managed a ₦59 billion loan from the Central Bank of Nigeria (CBN) meant for the National Mass Metering Programme (NMMP).
The probe, led by the House Joint Committee on loan disbursement and utilization, also spotlighted Meristem Wealth Management Limited and NESI Stabilization Strategy Ltd (NESI-SSL) over their approval of an arrangement allowing a private firm to collect 0.5% of annual revenue from electricity distribution companies until 2030.
Committee Chairman Uchenna Okonkwo revealed in a weekend statement that the NMMP, launched in 2020 to close Nigeria’s wide metering gap, boost local meter production, curb losses, and end arbitrary billing, has fallen short of its core objectives.
“Our review of the programme shows inconsistencies, contradictions, and ambiguities, raising serious doubts about its management and effectiveness,” Okonkwo said.
According to documents obtained, the CBN selected NESI-SSL as the special purpose vehicle for the loan, while Meristem Wealth Management was appointed as fund manager. However, lawmakers complain that both firms have failed to provide sufficient transparency on their roles.
The committee has now vowed to conduct a full-scale probe into the scheme, warning that constitutional provisions will be applied against anyone obstructing the inquiry.
Concerns also mounted after documents indicated that major electricity distribution companies — including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola DisCos — are still indebted to the CBN for funds advanced under the scheme. Yet, NERC has allegedly not verified whether the meters they financed were ever installed.
The committee has summoned NERC, Meristem Wealth, NESI-SSL, and all related stakeholders to appear before lawmakers at the next hearing.
