The Central Bank of Nigeria (CBN) has asked a court for Associate in Nursing order to freeze 157 accounts of Meter Asset Providers (MAPs) for allegedly amusive funds meant for the acquisition of postpaid meters.

Central Bank of Nigeria

In a suit filed at the federal supreme court in Lokoja, Kogi state, on July 20, the apex bank requested business banks to limit the account of ten corporations that received power sector intervention funds beneath the National Mass Metering Programme (NMMP) for a hundred and eighty days unfinished the result of its investigation.

The companies known by the CBN embody Mojec Meter plus Management Company restricted, Integrated Power African nation restricted, Holley Metering restricted, Protogy world Services restricted and Turbo Energy restricted.

Others square measure G Unit Engineering restricted, Koby world Engineering Services restricted, FLT Energy Systems restricted, sensible Meters plus supplier Company restricted and Cresthill Engineering restricted.

“The financial organisation of African nation reviewed the activities of twelve (12) together with the defendants herein Meter Asset Providers (MAPs) presupposed to have amused the financial organisation of Nigeria’s power sector intervention funds beneath the National Mass Metering Programme (NMMP),” the apex bank same.

“The review was aimed toward ascertaining the flow of the funds created accessible to the MAPs, covering the amount between Jan one, 2020 to March fifteen, 2022. The preliminary review discovered that the defendants amused a considerable portion of the funds for alternative uses through connected entities and individuals/companies connected to the electricity distribution corporations (DisCos) and therefore the defunct Power company of African nation (PHCN).

“The diversion of the facility sector intervention funds beneath the National Mass Metering Programme (NMMP) provided by the applicant’s banks, has additional occasioned grave instability within the power sector and sustained the calculable asking regime that the central is creating frantic efforts to form a issue of the past.

“The diversion of the same funds through the bank accounts of the defendants has regularly undermined the applicant’s bank intervention system of supporting numerous sectors of the Nigerian economy.

“The diversion of the same funds and sustained instability within the power sector is capable of inflicting important economic and loss to investors, in addition because the entire systems and therefore the Nigerian economy normally, if not curtailed.”

On April 3, 2018, the Nigerian Electricity restrictive Commission (NERC) introduced the MAP regulation to new investors to fast-track the rollout of meters through the engagement of third-party investors. The DisCos were expected to interact the services of the MAPs among one hundred twenty days from the effective date to attain a three-year metering target prescribed by NERC.

Despite the late begin over lack of cooperation by DisCos as regards participating licenced corporations, the meter plus corporations were issued permits to start the rollout of latest meters by May 1, 2019. to spice up the new policy, the central provided a N37 billion grant for the availability of the meters.

In Oct 2020, the central flagged off the National Mass Metering Programme to shut the metering gap within the NESI by Dec 2021. Speaking per week once the launch of the programme, Sale Mamman, minister of power, same there would be Associate in Nursing installation of a minimum of a meg meters for electricity customers through the mass metering programme by Dec 2020.

In June, the NERC same it'll begin the second section of the National Mass Metering Programme (NMMP) in August 2022.

The latest knowledge from the 2021 third-quarter report of the NERC shows that of the 11,069,200 registered energy customers as of Sep 2021, only 4,753,027 (42.93%) are metered.