By Our Reporter
President Bola Ahmed Tinubu on Friday inaugurated an 11-member committee to facilitate the establishment of the Grid Asset Management Company Limited (GAMCO), a new initiative aimed at addressing long-standing challenges in Nigeria’s electricity sector.
The committee was constituted following the approval of the Federal Executive Council for the creation of GAMCO at its Wednesday meeting.
According to the Presidency, the company is expected to help resolve persistent problems related to stranded power, grid management, and transmission within the country’s power sector.
The Chief of Staff to the President, Femi Gbajabiamila, who inaugurated the committee on behalf of the President, described the initiative as a key step toward transforming Nigeria’s electricity supply system.
He said the proposed establishment of GAMCO represents one of the administration’s major reforms aimed at optimising power generation, particularly within the transmission and grid management segments.
Gbajabiamila urged committee members to align with the President’s vision and strictly follow their mandate.
The committee is tasked with reviewing existing laws, policies, and institutional frameworks governing the electricity value chain, including generation, transmission, distribution, and market operations. It will also examine the implications of the 2025 Electricity Reform Laws and identify potential conflicts between the proposed GAMCO framework and existing regulatory instruments.
Among other responsibilities, the committee will assess the legal status and contractual obligations of assets under the Niger Delta Power Holding Company and the National Integrated Power Project, including the Omotosho, Olorunshogo, and Ihovbor power plants, which will serve as the pilot phase for the GAMCO initiative.
The committee will also review the relationship between GAMCO and the Nigerian Electricity Regulatory Commission, as well as evaluate the fiscal, financial, and market implications of the proposal.
Gbajabiamila will chair the committee, while members include the Attorney-General of the Federation and Minister of Justice, the Ministers of Power, Works, Finance, Communications and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, and the Minister of State for Petroleum.
Other members are the Chairman of the Nigeria Revenue Service, energy expert Professor Yemi Oke, while the Permanent Secretary of the Cabinet Affairs Office, Dr John Chidiebere Ezeamama, will serve as secretary.
The Federal Government said GAMCO will operate as a fully government-owned commercial entity, with shares held by the Ministry of Finance Incorporated.
The company will initially focus on the Benin-Lagos transmission corridor, which supplies bulk electricity to Lagos State and Ogun State, two of the country’s largest industrial and commercial hubs.
During the pilot phase, GAMCO will work to optimise power generation from the Omotosho, Olorunsogo, and Ihovbor National Integrated Power Project plants, which have a combined installed capacity exceeding 1,700 megawatts.
The company aims to recover at least 1,600 megawatts of stranded power within 18 to 24 months while developing a new high-capacity 330KV double-circuit transmission line along the Benin-Lagos corridor.
The Presidency said the initiative is expected to unlock underutilised generation assets, improve electricity reliability, enhance industrial productivity, and boost investor confidence in line with the administration’s Renewed Hope Agenda.