MOJEC Reacts To Alleged Diversion Of Funds

INSIDEMAINLAND – Mojec International Limited has come up to refute claims made by the Central Bank of Nigeria (CBN) regarding money allegedly siphoned off and distributed to numerous metering firms.

According to the allegations, the apex bank asked several metering companies to have their assets frozen, including Mojec Meter Asset Management Company Limited, Protogy Global Services Limited, Integrated Power Nigeria Limited, Holley Metering Limited, Turbo Energy Limited, 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 said it reviewed the activities of 12 Meter Asset Providers (MAPs) alleged to have diverted its power sector intervention funds under the National Mass Metering Programme (NMMP) in order to ascertain the flow of the funds made available to the MAPs between January 1, 2020 and March 15, 2022.

“It said the preliminary review revealed that the defendants, the 10 companies listed, “diverted a substantial portion of the funds for other uses through related entities and individuals/companies connected to the electricity distribution companies (DisCos) and the defunct Power Holding Company of Nigeria (PHCN)”.

Chantelle Abdul, the managing director of Mojec, responded to the accusation by stating that the CBN’s move amounted to character defamation and that the business would sue the top bank.

According to Abdul, the CBN only paid for the services the company really provided and the payment for the metering program was performance-based. She claimed that Mojec did not deserve such treatment from the CBN because it had been defying the country’s challenging operating climate by obtaining financing to help close the metering gap.

“This is complete defamation of our company. Before NMMP showed up, we had been metering Nigerians. We have been borrowing money from the banks to help the Nigerian power sector collect revenue through metering,” Abdul said.

“I cannot be stealing from myself. Nothing of such happened and this is not the right way to pay us for the efforts we have been putting into the business. We are ready and we will sue for defamation. Our records are out there,” she said.

READ ALSO: CBN ASKS COURT TO FREEZE BANK ACCOUNT OF MOJEC, SMART METER SUPPLIER TO MAINLANDERS, FOR DIVERTING FUNDS

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