News

July 26, 2022

M3AC debunks allegations of funds diversion

Mojec Meter Asset Management Company Ltd. (M3AC) has refuted all allegations of diversion of funds under the National Mass Metering Programme (NMMP). 

In a statement, the company said M3AC fully discharged its obligations of manufacturing, supplies, and installation of meters for all eight DisCos, underpinning the success of the NMMP nationwide. The company further noted that it is in possession of certificates of completion issued by ALL 8 of its DisCos clients as proof of execution of its contractual obligations. 

Mojec further stated its willingness and ability to release all meter serial numbers produced in its factories and records of waybills of all in-Country volumes of meters it produced that were sent to the various Discos from its factories upon production. It further said it has records of a weekly tracking management mechanism that it uses in tracking its weekly supply & installation across the Country. 

It reads: “This system was instituted 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 AMI systems are deployed, EVERY SINGLE meter MOJEC has installed can be verified and are active on the AMI system for ALL view.” 

The statement further notes that, “by the methodology institutionalized by the Federal Government for the disbursement of the funds, it was impossible for funds to be diverted as now being suggested by the news on social media. 

This, according to Mojec, is because the program 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).

This is coming on the heels of a suit filed at the Federal High Court in Lokoja, Kogi state by the Central Bank of Nigeria (CBN) requesting that commercial banks freeze the account of 10 Meter Asset Providers (MAPs) involved with the NMMP for 180 days, pending the outcome of its investigation. M3AC Openly welcomes and is willing to support the government in its investigations. 

In the statement referred to above, Mojec Meter Asset Management Company Ltd (M3AC), emphatically submits that in its Group’s 30-year existence, it has never diverted any funds nor will it and its reputation has never had to be called to question. 

It called on relevant authorities and stakeholders to ensure a speedy resolution of this issue and consequently exonerate MOJEC’s name and other MAPs who discharged their contractual duties under this scheme faithfully.