Reps Probe NERC Over ₦59bn CBN Loan for Mass Metering Programme

|By Adejumo Adekunle

The House of Representatives has opened a probe into the Nigerian Electricity Regulatory Commission (NERC) over the disbursement of a ₦59 billion loan from the Central Bank of Nigeria (CBN) to electricity distribution companies under the National Mass Metering Programme (NMMP).

Chairman of the Joint Committee investigating the loan, Uchenna Okonkwo, in a statement on Sunday, said lawmakers uncovered troubling irregularities in the programme, which was introduced in 2020 to bridge Nigeria’s metering deficit.

The committee accused Meristem Wealth Management Limited and NESI–SSL of approving a deal that grants a private firm 0.5 percent of annual collections from electricity distribution companies until 2030.

Okonkwo lamented that despite huge funds pumped into the NMMP, the programme has failed to deliver on its mandate. He revealed that major discos — including Abuja, Ikeja, Eko, Enugu, Kano, and Jos — remain indebted to the CBN for the loan, while NERC has not verified the meters allegedly installed.

“We have decided to carry out a full investigation with a view to addressing several anomalies in the electricity distribution sector,” Okonkwo declared, warning that the committee would invoke constitutional powers against anyone obstructing the probe.

Nigeria’s metering gap remains wide, standing at 7.2 million as of the end of 2024. Out of 13,503,342 registered electricity customers nationwide, only 6,288,624 — representing 46.57 percent — have been metered.