Citing non-compliance and subpar performance, the House of Representatives has ordered 11 electricity distribution companies (DISCOs) to return N55.42 billion in loans they received under the National Mass Metering Programme (NMMP).
Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola Electricity Distribution Companies are among the DISCOs impacted.
The House mandated that the money disbursed by the Central Bank of Nigeria be returned by November 2026 at the latest, after adopting the report of its joint committee on Banking Regulations, Power, Rural Electrification, Housing, and Habitat.
Hon. Uchenna Harris Okonkwo, the committee chairman, presented the report and stated that the investigation was carried out in accordance with the panel’s mandate to look into the distribution and use of programme funds.
He clarified that the Nigerian Electricity Regulatory Commission launched the NMMP in 2020 with the goals of eliminating estimated billing, encouraging local metre manufacturing, and closing Nigeria’s metering gap. He did, however, claim that the program’s goals have not been met.
The report states that DISCOs received N55,424,975,546.96 of the N59.28 billion that the CBN had originally set aside. However, the committee pointed out that the apex bank did not sufficiently oversee and assess the programme.
“The CBN supplied the money but failed to conduct adequate oversight and assessment. According to the report, “there is no report to demonstrate the revenue generated from metres funded by the loan to justify the 10-year repayment plan.”
The lawmakers also noted that some DISCOs that received roughly N4.6 billion reportedly produced up to N28 billion in three years, indicating that the repayment period might be shortened.
Concerns were also voiced by the committee regarding the lack of records attesting to former President Muhammadu Buhari’s approval of the programme.
Phase 0 (1 million metres funded by CBN/NESI), Phase 1 (1.5 million metres funded by CBN/DMBs), and Phase 2 (4 million metres anticipated to be funded by the World Bank) comprised the structure of the NMMP. The estimated cost of the programme was N200 billion.
The results revealed that although N59.28 billion was set aside for 11 DISCOs at a nine percent interest rate, only N55.42 billion was actually paid out, leaving N3.86 billion unaccounted for.
A clause giving Meristem Wealth Management Limited 0.5% of DISCOs’ yearly collections until 2030 was also criticised by the committee, which found that the company had already received approximately N450 million. It instructed the business to submit information about its function, organisational structure, and programme deliverables
The Nigerian Electricity Regulatory Commission has not yet thoroughly verified the metre installations connected to the funds that were disbursed, according to the report.
The House authorised the creation of a loan recovery committee to be established by the CBN and NERC in order to collect principal and interest from the DISCOs prior to the 2026 deadline after the report was adopted.
According to the lawmakers, the action is required to guarantee accountability and rebuild trust in government-backed power sector interventions.
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