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Nigeria’s electrical energy Distribution Corporations (DisCos) could have spent a median of N670,000 to buy every pay as you go meter and different equipment by means of a N273.3 billion facility obtained from the Central Financial institution of Nigeria (CBN).
If the report of CBN protecting an in depth evaluation of a N10.3 trillion developmental finance funds between 2015 to 2022 is something to take severely, DisCos spent N273.3 billion to offer 414,000 pay as you go meters.
Whereas the price of pay as you go meters in Nigeria between 2015 and 2022 stood at about N50,000 and N100,000 for single and three part meters, the CBN report pegging 414,000 meters towards N273.3 billion, meant that every meter went for N670,000.
Coming underneath the Nigerian Electrical energy Market Stabilisation Facility intervention mission, which targets rising electrical energy capability from 3,400MW to roughly 4,900MW, the CBN report confirmed that the DisCos spent the cash on most Demand meters, Good meters, and Single-Part meters.
Whereas the Federal Authorities in some unspecified time in the future took over the mass metering programme with financing from the CBN from part zero, the CBN, after the primary part backpedaled and sued some meter corporations.
The apex financial institution had approached a Federal Excessive Courtroom in Lokoja, Kogi State, for an order to freeze 157 accounts of Meter Asset Suppliers for allegedly diverting intervention funds underneath the NMMP between January 1, 2020, to March 15, 2022.
The court docket paperwork confirmed that the apex financial institution requested 15 industrial banks and the Financial institution of Trade (BOI) to freeze the accounts of 157 corporations for 180 days pending the result of its investigations.
The Guardian had learnt that whereas most heads of DisCos, particularly those that have been ousted from the system have been afterwards trailed by the EFCC as a result of metering saga, and different allegations, the group of former President Muhammadu Buhari on infrastructure pulled the string that pressured the CBN to desert the allegations.
CBN report confirmed that Ikeja Disco obtained the very best of the power, standing at N40.74 billion, Eko Disco obtained N34.85 billion in credit score facility and Abuja DisCo received N34.69 billion. Ibadan DisCo received N27.73 billion, Enugu Disco was loaned N27.84 billion, and Kaduna Disco borrowed N24.36 billion, amongst others.
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