The Central Bank of Nigeria (CBN) has reported that Electricity Distribution Companies (DisCos) spend N273.3 billion in seven years to provide 414,000 prepaid meters to electricity consumers in the country.
The latest report from the apex bank on development finance interventions between 2015 and 2022, indicated that the DisCos spent an average of N670,000 for each prepaid meter and other accessories through the N273.3 billion facility it provided them.
The CBN, which provided these figures in its assessment of a N10.3 trillion developmental finance budget between 2015-2022 report disclosed that the cost of prepaid meters in Nigeria between 2015 and 2022 was about N50,000 for a single-phase meter and N100,000 for a three-phase meter.
The Nigerian Electricity Market Stabilisation Facility intervention report, which targets increasing electricity capacity from 3,400MW to approximately 4,900MW, showed as reflected in the apex bank’s report that the DisCos spent the money on maximum demand meters, smart meters, and single-phase meters.
An analysis of the disbursement of the facility from the CBN’s report to the DisCos reflected showed that Ikeja Disco received the highest sum from the facility, standing at N40.74 billion; Eko Disco received N34.85 billion; and Abuja DisCo got N34.69 billion.
Others’ disbursements are Ibadan DisCo, N27.73 billion, Enugu Disco, N27.84 billion; and Kaduna Disco, N24.36 billion, among others.
Meanwhile, the CBN had recently filed a suit in a Federal High Court in Lokoja, Kogi State, for an order to freeze 157 accounts of Meter Asset Providers (MAPs) for allegedly diverting intervention funds under the NMMP between January 1, 2020 and March 15, 2022.
The court documents showed that the apex bank requested 15 deposit money banks (DMBs) banks and the Bank of Industry (BOI) to freeze the accounts of 157 companies for 180 days pending the outcome of its investigations.
