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- After the National Mass Metering Programme (NNMP) was introduced successful 2020, a financing operation was enactment successful place
- This exemplary was to person the CBN springiness a full of N200 cardinal to the 11 discos astatine single-digit involvement rates
- The House of Representatives person uncovered immoderate shady areas successful the loans, and acceptable up an investigative sheet to excavation it up
Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.
In 2020, it was approved that a indebtedness beryllium disbursed from the Central Bank of Nigeria (CBN) to the energy organisation companies, for the National Mass Metering Programme (NNMP).
This indebtedness was to alteration Discos supply caller prepaid energy meters for escaped crossed Nigeria, trim conflicts betwixt energy consumers and Discos implicit the accuracy of estimated billings, and assistance NESI amended web monitoring.
This indebtedness has present travel nether the investigative radar of the Nigerian House of Representatives.
Source: UGC
Chairman of the committee, Honorable Uchenna Okonkwo from Anambra state, said connected Wednesday that the location had inaugurated a 19-member committee to look into the matter.
Discos to metre Nigerians
Recall that antithetic energy organisation companies person been embarking connected metering projects crossed their sum areas.
Yola Disco distributed 1,880 prepaid meters to Band A customers nether the Meter Asset Funds (MAF) Scheme.
Aba Power precocious announced plans to rotation retired 40,000 meters to customers crossed each section governments successful Abia State.
Eko Disco besides provided free prepaid meters to set A customers arsenic portion of the Presidential Metering inaugural successful February 2025.
Reps uncover grey areas successful CBN loans to Discos
Okonkwo recalled the programme was to beryllium implemented successful 3 stages, with the archetypal signifier being a disbursement of N59.280 cardinal astatine a 9% involvement complaint aft a two-year moratorium.
The archetypal disbursement was expected to cater for the procurement and installation of 1 cardinal meters, Vanguard quality reports.
He disclosed that preliminary findings already amusement that lone N55.4 cardinal was disbursed for procurement and installation of 962,832 meters alternatively of 1 cardinal arsenic stated.
The findings besides amusement that the 11 discos had repaid the main of N55.4 cardinal backmost to CBN, without immoderate notation of the 9% interest.
The consequent phases wherever the CBN and Deposit Money Banks are expected to money the procurement and installation of 1.5 cardinal meters and 4 cardinal meters respectively are besides yet to beryllium addressed.
These are the issues the committee volition beryllium investigating, Vanguard quality reports.
Source: Getty Images
Honorable Okonkwo stated that it was the work of the location to guarantee transparency and accountability of nationalist funds, hence the determination to acceptable up an investigative panel.
Lawmakers probe CBN's N50 cardinal payoff for retired staff
Legit.ng earlier reported that the lawmakers were analyse the CBN's plans to discontinue implicit 1000 unit with N50 cardinal arsenic payoff.
The ad-hoc committee was acceptable up to measure the legality, fairness, and economical interaction of the retirements and scrutinize the N50bn payoff for accountability.
The House aboriginal halted the exercise, urging the Labour Ministry to safeguard affected employees' rights during the investigation.
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Source: Legit.ng
