![The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2022/01/20200913_161409-scaled-e1652250793565.jpg?fit=2387%2C1702&ssl=1)
The House of Representatives has directed 11 electricity distribution companies to refund ₦55.42 billion obtained as loan under the National Mass Metering Programme (NMMP).
The lawmakers on Thursday adopted a committee report giving the DISCOs a seven-month deadline to repay the loan to the Central Bank of Nigeria.
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Presenting the report, the committee chairman, Uchenna Okonkwo, said the probe followed the discovery that the metering scheme failed to achieve expected outcomes.
Mr Okonkwo said the programme, introduced in 2020, aimed to close metering gaps, promote local manufacturing, curb losses, and end estimated billing practices.
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He listed beneficiaries as Abuja, Eko and Enugu distribution companies, alongside Ibadan, Ikeja and Jos electricity distribution companies.Others are Kano and Yola distribution companies.
Mr Okonkwo said the committee engaged the Central Bank, Meristem Wealth Management, NESI-SSL, NERC and other stakeholders during the investigation.
“The report indicates the programme, initiated in 2020, was to be implemented in three phases.
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“₦59.28 billion was earmarked for the 11 companies, repayable at nine per cent interest, with six per cent to financiers and three per cent to the CBN.
“The investigation revealed DISCOs received ₦55.42 billion, leaving ₦3.85 billion unaccounted for,” he said.
The chairman raised concern about a clause granting Meristem Wealth Management 0.5 per cent of DISCO collections annually until 2030.
He said the firm had already received ₦450 million for its services, a development the committee strongly criticised.
The committee recommended the firm provide its profile, structure and detailed report on work done under the metering programme.
Following the adoption of the report, the House approved creating a loan recovery committee by the CBN and NERC to recover funds from beneficiaries before 2026.
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