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By Comr. Kenechi Okoye
The House of Representatives has inaugurated a sub-committee to investigate the disbursement and utilization of ₦200 billion earmarked under the Central Bank of Nigeria’s National Mass Metering Programme (NMMP).
The Chairman of the sub-committee, Hon. Uchenna Harris Okonkwo, representing Idemili North and South Federal Constituency, moved a motion during the plenary session on February 29, 2024, titled “Need to Investigate the Funds Disbursed to the Licensed Electricity Distribution Companies by the Central Bank of Nigeria (CBN) as Loans under the National Mass Metering Programme.”
Hon. Okonkwo announced the inauguration in a press release on Tuesday. The committee was inaugurated on May 6, 2025.
“The main objective of the committee is to carry out an investigation into the Central Bank of Nigeria’s National Mass Metering Programme, for which the sum of ₦200 billion was earmarked in 2020 to enable the licensed electricity distribution companies to provide electricity meters free for Nigerian electricity consumers,” Okonkwo stated.
The programme aimed to eliminate estimated billing, close metering gaps, and enhance network monitoring by installing meters in three phases.
Under Phase Zero, the CBN was to release ₦59.280 billion for the procurement and installation of one million meters, with a 9% interest rate after a two-year moratorium. However, data revealed that only ₦55.4 billion was released for 962,832 meters.
“The difference between the ₦59.280 billion announced and the ₦55.4 billion released, as well as the shortfall of over 37,000 meters, must be properly explained,” Okonkwo said. “This committee will leave no stone unturned.”
Furthermore, he noted that the eleven distribution companies (DisCos) that received the loan had only repaid ₦7.1 billion as of 2024, not accounting for interest accrued.
“This calls for an explanation as to how NESI SSL, Meristerm Wealth Management Limited, and Meristerm Securities Limited handled the NMMP in the national interest,” he added.
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