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We have evidence of prepaid meters supplied to DisCos, says MOJEC on fund diversion allegation

We have evidence of prepaid meters supplied to DisCos, says MOJEC on fund diversion allegation
July 28
22:26 2022

Mojec Meter Asset Management Company Limited (M3AC) says it has documentary evidence of prepaid meters supplied to electricity distribution companies (DisCos) across the country.

On Tuesday, TheCable had reported how the Central Bank of Nigeria (CBN), on July 20, filed a suit at the federal high court in Lokoja, Kogi state capital, requesting commercial banks to restrict the account of some companies for 180 days for allegedly diverting funds meant for the procurement of prepaid meters.

The apex bank accused the companies of receiving power sector intervention funds under the National Mass Metering Programme (NMMP), but deployed the money for a different purpose.

In a statement on Thursday, Olufunso Adeolu, corporate communications manager, MOJEC International Group, said the company is willing to release all meter serial numbers produced in its factories, together with records of waybills of all in-country supplies.


“Emerging facts indicate that 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),” Adeolu said.

“The company averred that it fully discharged its obligations of manufacturing, supply and installation of meters for all eight DisCos, underpinning the success of the NMMP nationwide. We were issued certificates of completion by all the eight DisCo clients as proof of execution of its contractual obligations on 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.


“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).”

The company added that it rolled out over 600,000 meters before the commencement of the NMMP programme and has never diverted any fund meant for the metering scheme or any power sector intervention.


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