The House of Representatives has opened an investigation into how N59 billion released by the Central Bank of Nigeria (CBN) for the National Mass Metering Programme (NMMP) was used.
The Joint Committee on Power and related sectors queried the Nigerian Electricity Regulatory Commission (NERC), Meristem Wealth Management Ltd, and NESI-Stabilization Strategy Ltd over alleged mismanagement of the funds.
Committee Chairman, Hon. Uchenna Harris Okonkwo, said the NMMP, launched in 2020 to end estimated billing, has failed to meet its targets. He noted “ambiguities” in how the funds were managed and warned that the House will not hesitate to use its powers against any agency or firm frustrating the probe.
