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The House of Representatives has intensified its probe into the disbursement and utilisation of the ₦59 billion earmarked for the National Mass Metering Programme (NMMP), raising fresh concerns over transparency and accountability in Nigeria’s troubled power sector.
The Joint Committee on Banking Regulations, Power, Rural Electrification, and Housing, chaired by Hon. Uchenna Okonkwo, disclosed that the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Limited, and NESI Stabilisation Strategy Limited (NESI-SSL) have been summoned to explain their roles in the management of the intervention fund.
The NMMP was launched in 2020 by the Federal Government through the Central Bank of Nigeria (CBN), with the aim of closing Nigeria’s wide metering gap, boosting local meter production, curbing estimated billing, and reducing collection losses by Distribution Companies (DisCos).
According to the committee, records show that ₦55.42 billion out of the ₦59.28 billion approved by the CBN has already been disbursed to DisCos across the country.
Yet, despite the massive injection of funds, millions of Nigerian households remain unmetered, while consumers continue to suffer from arbitrary estimated bills.
Hon. Okonkwo expressed concern that NERC, the sector’s regulator, has failed to verify installations of the meters allegedly procured and distributed by the DisCos, casting doubt on whether the funds were properly utilised.
The lawmakers also queried the controversial approval that allows Meristem Wealth Management Limited to receive 0.5% of annual revenue collected by DisCos until 2030, under the guise of fund administration for the NMMP.
“The review of the programme shows ambiguities, inconsistencies, and contradictions,” Okonkwo said.
“The fact that such payments are structured to last for years without visible progress raises questions about possible exploitation of Nigeria’s already struggling electricity consumers.”
The committee further noted that NESI-SSL, appointed as a special purpose vehicle by the CBN, and Meristem Wealth Management, as fund administrator, have not been forthcoming with full disclosures on fund utilisation.
Lawmakers warned that constitutional provisions would be invoked against any entity frustrating the probe.
Documents before the House show that eight major DisCos — including Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola — are indebted to the CBN over meter procurement loans.
Despite this, Nigerians are yet to see significant improvements in metering coverage or billing transparency.
Power sector experts argue that unless accountability is enforced, government interventions in electricity distribution will continue to yield little results.
Energy analyst, Kunle Akinbami, told our correspondent that “the NMMP could have been a game-changer, but like many interventions, poor oversight and vested interests may have crippled its impact.”
The House Committee has directed NERC, Meristem, NESI-SSL, and relevant stakeholders to reappear in its next sitting for a comprehensive hearing.
Lawmakers stressed that Nigerians deserve answers on how billions of naira were disbursed with little to show in terms of results.
“The National Assembly will not fold its arms while public funds are mismanaged,” Okonkwo said.
“We owe it to Nigerians to ensure that every kobo of this ₦59 billion fund is accounted for.”
The outcome of the investigation is expected to influence future government interventions in the power sector, as well as regulatory reforms aimed at boosting transparency and consumer protection.