4 hours ago
3
- After the National Mass Metering Programme (NNMP) was introduced in 2020, a financing structure was put in place
- This model was to have the CBN give a total of N200 billion to the 11 discos at single-digit interest rates
- The House of Representatives have uncovered some shady areas in the loans, and set up an investigative panel to dig it up
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
In 2020, it was approved that a loan be disbursed from the Central Bank of Nigeria (CBN) to the electricity distribution companies, for the National Mass Metering Programme (NNMP).
This loan was to enable Discos provide new prepaid electricity meters for free across Nigeria, reduce conflicts between electricity consumers and Discos over the accuracy of estimated billings, and help NESI improve network monitoring.
This loan has now come under the investigative radar of the Nigerian House of Representatives.
Source: UGC
Chairman of the committee, Honorable Uchenna Okonkwo from Anambra state, said on Wednesday that the house had inaugurated a 19-member committee to look into the matter.
Discos to meter Nigerians
Recall that different electricity distribution companies have been embarking on metering projects across their coverage areas.
Yola Disco distributed 1,880 prepaid meters to Band A customers under the Meter Asset Funds (MAF) Scheme.
Aba Power recently announced plans to roll out 40,000 meters to customers across all local governments in Abia State.
Eko Disco also provided free prepaid meters to band A customers as part of the Presidential Metering initiative in February 2025.
Reps uncover grey areas in CBN loans to Discos
Okonkwo recalled the programme was to be implemented in three stages, with the first stage being a disbursement of N59.280 billion at a 9% interest rate after a two-year moratorium.
The first disbursement was expected to cater for the procurement and installation of 1 million meters, Vanguard news reports.
He disclosed that preliminary findings already show that only N55.4 billion was disbursed for procurement and installation of 962,832 meters instead of 1 million as stated.
The findings also show that the 11 discos had repaid the principal of N55.4 billion back to CBN, without any mention of the 9% interest.
The subsequent phases where the CBN and Deposit Money Banks are supposed to fund the procurement and installation of 1.5 million meters and 4 million meters respectively are also yet to be addressed.
These are the issues the committee will be investigating, Vanguard news reports.
Source: Getty Images
Honorable Okonkwo stated that it was the responsibility of the house to ensure transparency and accountability of public funds, hence the decision to set up an investigative panel.
Lawmakers probe CBN's N50 billion payoff for retired staff
Legit.ng earlier reported that the lawmakers were investigate the CBN's plans to retire over 1000 staff with N50 billion as payoff.
The ad-hoc committee was set up to assess the legality, fairness, and economic impact of the retirements and scrutinize the N50bn payoff for accountability.
The House later halted the exercise, urging the Labour Ministry to safeguard affected employees' rights during the investigation.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
English (US) ·