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CBN Probes Diversion Of Electricity Metre Funds, Says 10 Providers Involved

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The Central Bank of Nigeria,CBN, has secured an Exparte order freezing the bank accounts of 10 Meter Asset Providers (MAPs) in commercial banks across the country.

The 10 Meter Asset Providers (MAPs) are said involved with the NMMP

The Exparte order which is to last for a period of 180 days is to enable the Apex bank carry out thorough investigation on Mojec and other Metre Asset Providers alleged to have been involved in the diversion of fund.

Meanwhile, the Central Bank of Nigeria (CBN) 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 Mass Metering Programme.

The names of the MAPs (contractors) allegedly involved in the racket, according to the CBN, are;

1. Mojec Meter Asset Mgt
2. Integrated Power
3. Holley Metering
4. Protogy Global
5. Turbo Energy
6. G Unit Engineering
7. Koby Global Engineering
8.FLT Energy Systems
9. Smart Meters Asset Provider
10.Cresthill Engineering

The Nigerian Electricity Regulatory Commission(NERC) had on July 16, 2020, released the list of the approved Meter Asset Providers across the country.

According to the list published on NERC’s website, qualified operators were signed to supply meters across the ten electricity distribution companies in the country.

Recall that in 2018, the NERC stopped distribution companies from providing meters to electricity consumers, announcing the introducing of meter asset providers (MAPs) instead.

According to NERC, the meter providers would work with the Discos to help reduce the huge metering gap in Nigeria.

The commission approved three meter providers for Abuja Disco, five for Benin Disco, seven for Eko Disco and two for Enugu Disco.

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