The Central Bank of Nigeria (CBN) has moved to freeze 157 accounts of companies that are Meter Asset Providers (MAPs) for allegedly diverting funds meant for the procurement of prepaid meters.
The apex bank, in a suit filed at the Federal High Court in Lokoja, Kogi State, on July 20, requested commercial banks to restrict the account of 10 companies that received power sector intervention funds under the National Mass Metering Programme (NMMP) for 180 days, pending the outcome of its investigation.
The companies listed by the CBN as being involved in the diversion include Mojec Meter Asset Management Company Limited, Integrated Power Nigeria Limited, Holley Metering Limited, Protogy Global Services Limited and Turbo Energy Limited.
Others are G Unit Engineering Limited, Koby Global Engineering Services Limited, FLT Energy Systems Limited, Smart Meters Asset Provider Company Limited and Cresthill Engineering Limited.
The CBN in the suit said, “The Central Bank of Nigeria reviewed the activities of twelve (12) including the defendants herein Meter Asset Providers (MAPs) alleged to have diverted the Central Bank of Nigeria’s power sector intervention funds under the National Mass Metering Programme (NMMP).
