In an attempt to exonerate itself from alleged diversion of funds provided under the National Mass Metering Programme (NMMP), Mojec Meter Asset Management Company Ltd(M3AC), one of the Meter Asset Providers (MAPs) has refuted the allegation, claiming that it has fully discharged its obligations of manufacturing, supply, and installation of meters for all eight DisCos.
This was revealed in a statement released by M3AC at the weekend, obtained by EnergyDay.
The CBN has in a report published by EnergyDay, sought court order to temporary suspend the bank account belonging to the MAPs for financing the operations of certain firms connected to the Electricity Distribution Companies (DisCos) with funds meant for the production and supply of smart meters to the Nigerian masses.
The apex bank claimed the MAPs diverted substantial portion of the CBN power sector intervention funds received by them for NMMP, into other uses. It added that it had conducted a preliminary review of the funds, noted that the account suspension and subsequent investigation were necessary to ascertain the flow of the funds made available to Mojec and other MAPs, covering the period between January 1, 2020 to March 15, 2022.
Mojec Meter Asset Management Company Ltd(M3AC) while denying the allegation, said it is in possession of certificates of completion issued by all the eight(8) DisCos, that it serviced, as proof of execution of our contractual obligations.
The statement of M3AC said, “We are willing and able to release all meter serial numbers produced in our factories and records of way bills of all in-country volumes of meters produced and sent to the various DisCos from our factories upon production.
“We also have records of a weekly tracking management mechanism deployed in tracking our weekly supply for installations across the country. This system was instituted to provide transparency and accountability to regulators, clients and other stakeholders as well as the smooth management of our operations across the country.
MOJEC noted that since it distributes smart meters only in utilities where its Advanced Metering Infrastructure (AMI) system are deployed, every single meter MOJEC has installed can be verified and are active on the AMI system for all to view.
The company further claimed that with the methodology institutionalised by the Federal Government for the disbursement of the NMMP funds, it is impossible for funds to be diverted.
According to MOJEC, this is because it methodology is a performance-based payment programme administered by the Meristern Finance Limited on behalf of the CBN. It added that all payment received by the MAPS were based on evidence of performance and weekly verification by the Presidency, the DisCos, and the Meristern Finance Limited.
It also claimed that the system is subjected to further verification and audit by the Nigerian Electricity Regulation Commission(NERC). the company however noted that it is willing to support the government in its investigations.
The indigenous female and female-led company, however submitted that in its Group’s 30-years existence, it has never diverted ANY funds not will it and its reputation has never had to be called to question.
It further called on the relevant authorities and stakeholders to ensure a speedy resolutions of this issue and consequently exonerate it’s name and other MAPs from the allegation.
EnergyDay gathered that other MAPs indicted by the CBN includes Integrated Power Nigeria Limited, Koby Global Engineering Services Limited Cresthill Engineering Limited and Protogy Global Services Limited. Others are G Unit Engineering Limited, Turbo Energy Limited, FLT Energy Systems Limited, Smart Meters Asset Provider Company Limited and Holley Metering.