The House of Representatives has raised concerns about the Nigerian Electricity Regulatory Commission’s (NERC) management of a ₦59 billion loan issued by the Central Bank of Nigeria to fund the National Mass Metering Programme.

The Joint Committee of the House, which is reviewing how the loan was disbursed and used, also queried Meristem Wealth Management Limited and NESI-Stabilization Strategy Limited. Lawmakers pointed to an arrangement that allowed a company to receive 0.5% of electricity distribution companies’ yearly collections until 2030.

Committee chairman Uchenna Okonkwo said preliminary findings show inconsistencies and irregularities in the project, which was launched in 2020 to close the metering gap, boost local meter production, end estimated billing, and reduce losses. Despite these objectives, the initiative has not delivered the expected results.

The panel further noted that although distribution companies across the country had accessed the loan to install meters, NERC has yet to confirm that the installations were actually carried out.

Okonkwo said the committee will deepen its investigation and may invoke constitutional powers against anyone obstructing the process. NERC, Meristem, NESI-SSL, and other stakeholders have been directed to appear before the lawmakers at the next sitting.