The House of Representatives on Thursday voted to compel 11 electricity distribution companies (DISCOs) to repay ₦55.42 billion borrowed under the National Mass Metering Programme (NMMP). The decision, based on a committee report, gives the firms a seven‑month deadline to settle the loan with the Central Bank of Nigeria (CBN).
Chairman of the House Committee on Power, Uchenna Okonkwo, presented the findings, noting that the investigation was carried out in line with the committee’s mandate. The probe concluded that the NMMP, launched in 2020, failed to deliver the outcomes expected by lawmakers.
The NMMP was designed to close metering gaps, encourage local manufacturing of meters, reduce technical and commercial losses, and eliminate estimated billing. The programme targeted the Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano and Yola distribution companies, among others, totaling 11 DISCOs that received funding under the scheme.
During the inquiry, the committee consulted the CBN, Meristem Wealth Management, the Nigeria Electricity System Operator (NESI‑SSL), the Nigerian Electricity Regulatory Commission (NERC) and other stakeholders. The report indicated that the programme was to be implemented in three phases, with a total allocation of ₦59.28 billion for the 11 companies. The loan was to be repaid at a 9 % interest rate, split into 6 % for financiers and 3 % for the CBN.
According to the committee’s findings, the DISCOs actually received ₦55.42 billion, leaving a discrepancy of ₦3.85 billion that could not be accounted for. The chairman also highlighted a clause that entitled Meristem Wealth Management to 0.5 % of DISCO collections annually until 2030. He noted that Meristem had already been paid ₦450 million for its services, a payment the committee described as unjustified.
The committee recommended that Meristem provide a detailed profile, organisational structure and a comprehensive report on the work performed under the NMMP. In addition, the House approved the establishment of a loan‑recovery task force co‑led by the CBN and NERC to retrieve the outstanding funds from the beneficiaries before the end of 2026.
The move signals a decisive step by the legislature to enforce fiscal accountability in the power sector and to ensure that the financing intended for metering infrastructure is fully recovered. The seven‑month repayment period and the forthcoming recovery committee underscore the government’s commitment to addressing mismanagement and restoring confidence in Nigeria’s electricity reform initiatives.
