MOJEC METER ASSET MGT COMPANY DEBUNKS ALLEGATONS OF FUNDS DIVERSION

Mojec Meter Asset Management Company Ltd. (M3AC) categorically refutes all allegations of diverting funds meant for the procurement of prepaid meters under the National Mass Metering Programme (NMMP). (M3AC) Mojec Meters fully discharged its duties of manufacturing, supplying, and installing meters for all eight DisCos, underpinning the success of the NMMP nationwide. The firm has certificates of completion issued by ALL 8 of its DisCos clients as proof of execution of its contractual obligations. It further notes that there could be no diversion of funds given that the program was a performance-based payment programme administered by Meristem Finance Limited on behalf of the Central bank of Nigeria. All payments received 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 Eletricity 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.

In a statement by Mojec Meter Asset Management Company Ltd (M3AC), the company emphatically submits that in its 30-year existence, it has never diverted funds and its reputation has never been called to question. The company takes pride in being an indigenous, female owned and female-led company, promoting economic development, employing thousands of young Nigerians who would otherwise be unemployed and stimulating local economic development .

The NMMP is a Federal Government led initiative in collaboration with the distribution companies (DisCOs) that is geared towards ensuring mass metering of Nigerians across the country. The programme was part of a first time ever Governments efforts geared at helping to bridging the country’s metering gap, curbing the effects of estimated billing on end-users, and improving overall revenue collection in the power sector.

Under the programme, the Federal Government provided loan facilities to the DisCos for the procurement of locally available in-country prepaid meters at no cost, to end-users. The initial phase of the programme, dubbed phase zero had 750,000 meters installed of which Mojec supplied and installed 50% of these, while the other MAPs in the programme installed the remaining 50%.

The company expresses dismay that at the unfounded allegations targeted at Mojec, and other MAPs who are investing in Nigeria and taking on the mammoth task of solving the power sector challenges.

Where Nigerians suffer a terrible negative image worldwide, such companies, investing in the Nigerian market, creating jobs & exporting Nigerian made products out of Nigeria, helping to improve Nigeria’s image globally, should be supported and provided with the necessary enabling environment to thrive and not be vilified and disgraced for trying to invest in, operate businesses in & improve Nigeria’s image globally.

We call on the relevant authorities and stakeholders to ensure a speedy resolution & the clearing of MOJEC’s name & other MAPs who discharged their contractual duties under this scheme faithfully .