Nigeria DISCOs to Refund N55.42 Billion
Analysis based on 6 articles · First reported May 01, 2026 · Last updated May 04, 2026
The directive for 11 electricity distribution companies to refund N55.42 billion to the Nigeria — Central Bank of Nigeria within seven months will likely negatively impact the financial health of these companies. This event also highlights increased scrutiny on intervention funds in Nigeria's power sector, potentially leading to stricter accountability standards and affecting investor confidence in related entities like Annex Wealth Management.
The Nigeria — House of Representatives (Nigeria) has directed 11 electricity distribution companies, including Abuja Electricity Distribution Company, Abuja Electricity Distribution Company, Abuja Electricity Distribution Company, Ibadan Electricity Distribution Company, Ola Electric, Jos Electricity Distribution Company, Abuja Electricity Distribution Company, and Yola Electricity Distribution Company, to refund N55.42 billion obtained under the National Mass Metering Programme (NMMP). This decision follows a committee report revealing the metering scheme failed to achieve its expected outcomes, with N3.85 billion of the earmarked N59.28 billion unaccounted for. The Nigeria — Central Bank of Nigeria is the recipient of the repayment and, along with the Nigeria — Nigerian Electricity Regulatory Commission, is mandated to form a loan recovery committee. Concerns were also raised regarding Annex Wealth Management, which received N450 million and is entitled to 0.5% of DISCO collections annually until 2030, a clause heavily criticized by the Nigeria — House of Representatives (Nigeria).
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