The House of Representatives has launched a sweeping investigation into how billions meant to bring reliable electricity to Nigerian homes and businesses slipped into a fog of poor accountability.
Lawmakers placed the ₦59bn loan from the Central Bank of Nigeria at the centre of their inquiry.
In 2020, the Federal Government unveiled the National Mass Metering Programme (NMMP) as a game-changer: it promised millions of prepaid meters, new jobs for local manufacturers, and an end to exploitative estimated billing.
Yet, five years later, the scheme has stalled.
Consumers still complain of unreliable supply, and lawmakers now accuse regulators and fund managers of failing to deliver on their promises.
Questions Over Fund Managers
Leading the charge, chairman of the Joint Committee on Banking Regulations, Uchenna Okonkwo, Power, Rural Electrification and Housing, declared that his committee’s findings revealed contradictions, ambiguities and poor financial management.
The Nigerian Electricity Regulatory Commission (NERC) failed to confirm whether distribution companies installed the meters they received funds to purchase.
At the same time, Meristem Wealth Management Limited and NESI-Stabilisation Strategy Limited approved and managed parts of the loan.
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However, lawmakers grew uneasy when they discovered that Meristem secured a clause granting it 0.5 per cent of annual Disco collections until 2030.
Okonkwo stressed, “This programme was supposed to close the metering gap and strengthen accountability in the power sector.
Instead, those responsible created more doubts than answers.”
Nigerians Left In The Dark
Consequently, the committee vowed to push forward with a full investigation.
It warned that it would invoke constitutional powers against anyone who tried to frustrate the inquiry.
Meanwhile, Nigerians continue to endure erratic supply and estimated billing.
For many, the revelations deepen frustration with a power sector that repeatedly resists reform.
Now, all eyes turn to the next sitting.
Lawmakers will summon NERC, Meristem, NESI-SSL and the distribution companies once again, determined to uncover how a bold promise collapsed into yet another setback in Nigeria’s long struggle for reliable electricity.
