CBN Begins Probe, insists 10 Providers Divert Electricity Meter Funds
The Central Bank of Nigeria (CBN) has prayed the Federal High Court in Lokoja, Kogi State, for an order that commercial banks freeze the account of 10 Meter Asset Providers (MAPs) involved with the National Mass Metering Programme (NMMP) for 180 days, pending the outcome of its investigation.
Apex bank has begun the probe of Mojec Meter Asset Management Company Ltd. (M3AC) and nine other Meter Asset Providers (MAPs) for alleged diversion of funds running into millions of dollars which the Nigerian government provided for the
The names of MAPs (contractors) allegedly involved in the racket, according to CBN, are;
- Mojec Meter Asset Mgt
- Integrated Power
- Holley Metering
- Protogy Global
- Turbo Energy
- G Unit Engineering
- Koby Global Engineering
8.FLT Energy Systems
- Smart Meters Asset Provider
10.Cresthill Engineering
Recall, the Nigerian Electricity Regulatory Commission(NERC) has on July 16, 2020, released the list of approved Meter Asset Providers across the country.
The list published on NERC’s website, shows that qualified operators were signed to supply meters across the ten electricity distribution companies in the country.
One of the Meter Asset Providers, Mojec, in a statement, however, absolved itself of any involvement in the alleged meter funds diversion racket, stating that it welcomed the investigation by CBN.
Mojec also known as M3AC, also categorically submitted that in its Group’s 30-year existence, it has never diverted any fund(s) nor will it, and its reputation has never had to be called to question.
Mojec Meter Asset Provider has said it welcomes the Central Banks of Nigeria’s investigation into the Power Support Fund made available to Meter Asset Providers, as it maintains its innocence in respect of fund diversion allegation levied against some of the firms by the apex bank
“M3wholeheartedly welcomes and is willing to support the government in its investigations,” it stated.
It further stated that it is ready to make available the records and numbers of the jobs done.
The company said not all the Meter Asset Providers (MAPs) are in breach of the National Mass Metering Programme (NMMP) guidelines or might have diverted funds on the initiative as alleged by the Central Bank of Nigeria (CBN).
Mojec Meter Asset Management Company Ltd. (M3AC), in a statement issued in Lagos on Thursday categorically, refuted all the allegations by the apex bank.
The company averred that it fully discharged its obligations of manufacturing, supplies, and installation of meters for all eight DisCos, underpinning the success of the NMMP nationwide. The company also noted that it was issued certificates of completion by all the eight DisCo clients as proof of execution of its contractual obligations on the initiative
Corporate Communications Manager, MOJEC International Group, Olufunso Adeolu, in the statement, pointed out the company’s willingness and ability to release all meter serial numbers produced in its factories, together with records of waybills of all in-Country volumes of meters it delivered to the various DisCos under the initiative.
It also stated that M3AC also has records of a weekly tracking management mechanism that it uses in tracking its supply and installation across the Country, while the company was issued certificates of completion by the DisCos it worked with under the initiative.
“The company instituted the system to “provide transparency and accountability to Regulators, clients, and other stakeholders as well as the smooth management of its operations across the Country. Lastly, because MOJEC deploys only smart meters in utilities where its Advanced Metering Infrastructure (AMI) systems are deployed, every single meter MOJEC has installed can be verified and are active on the AMI system for all view,
“By the methodology institutionalized by the Federal Government for the disbursement of the funds, it was impossible for funds to be diverted as now being suggested in some quarters,” the statement added.
The company also based its position on the fact that the NMMP “was a performance-based payment Programme, administered by Meristem Finance Limited on behalf of the Central Bank of Nigeria, and all payments received by the MAPs were based on evidence of performance and weekly verification by the Presidency, the DisCos and Meristem Finance Limited as well as further verification and audit by the Nigerian Electricity Regulation Commission (NERC).”
NERC in 2018 stopped distribution companies from providing meters to electricity consumers, announcing the introducing of meter asset providers (MAPs) in its place.
According to NERC, the meter providers would work with the Discos to help reduce the huge metering gap in Nigeria.
Thereafter, the commission approved three-meter providers for Abuja Disco, five for Benin Disco, seven for Eko Disco and two for Enugu Disco.
