CBN sues 157 companies over ‘diversion of funds for prepaid meters’

The Central Bank of Nigeria (CBN) has asked a Federal High Court in Lokoja, Kogi state for an order to freeze 157 accounts of Meter Asset Providers (MAPs) for allegedly diverting intervention funds meant under the National Mass Metering Programmme (NMMP) between January 1, 2020 to March 15, 2022

According to an exclusive court document seen by BusinessDay, the apex bank requested 15 commercial banks and the Bank of Industry (BOI) to freeze the accounts of the 157 companies for 180 days pending the outcome of its investigation.

The companies identified by the CBN include Mojec Meter Asset Management Company Limited, Integrated Power Nigeria Limited, Holley Metering Limited, Protogy Global Services Limited and Turbo Energy Limited.

Other companies include G Unit Engineering Limited, Koby Global Engineering Services Limited, FLT Energy Systems Limited, Smart Meters Asset Provider Company Limited and Cresthill Engineering Limited.