The Central Bank of Nigeria (CBN) has asked the Federal High Court in Lokoja, Kogi state, to freeze 157 accounts of Meter Asset Providers (MAPs) over alleged diverting funds meant for the procurement of prepaid meters.
In its suit filed by the apex bank on July 20, the bank requested commercial banks to restrict the account of 10 companies that received power sector intervention funds under the National Mass Metering Programme (NMMP) for 180 days, pending the outcome of investigation.
The companies listed included, Mojec Meter Asset Management Company Limited, Integrated Power Nigeria Limited, Holley Metering Limited, Protogy Global Services Limited and Turbo Energy Limited.
Other companies are G Unit Engineering Limited, Koby Global Engineering Services Limited, FLT Energy Systems Limited, Smart Meters Asset Provider Company Limited and Cresthill Engineering Limited.
Recall that the federal government flagged off the National Mass Metering Programme.
“The Central Bank of Nigeria reviewed the activities of twelve (12) including the defendants herein Meter Asset Providers (MAPs) alleged to have diverted the Central Bank of Nigeria’s power sector intervention funds under the National Mass Metering Programme (NMMP),” CBN said.
“The review was aimed at ascertaining the flow of the funds made available to the MAPs, covering the period between January 1, 2020 to March 15, 2022. The preliminary review revealed that the defendants diverted a substantial portion of the funds for other uses through related entities and individuals/companies connected to the electricity distribution companies (DisCos) and the defunct Power Holding Company of Nigeria (PHCN).
“The diversion of the power sector intervention funds under the National Mass Metering Programme (NMMP) provided by the applicant’s banks, has further occasioned grave instability in the power sector and sustained the estimated billing regime which the federal government is making frantic efforts to make a thing of the past.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.