JUST IN: Tinubu constitutes committee to oversee new grid asset management firm

President Bola Tinubu has inaugurated an 11-member committee to oversee the incorporation of the Grid Asset Management Company Limited (GAMCO), a new initiative aimed at addressing longstanding challenges in Nigeria’s electricity sector.

The committee was constituted following the approval of the Federal Executive Council for the establishment of the company earlier in the week. The move is part of the administration’s efforts to address problems of stranded power, improve grid management, and strengthen electricity transmission across the country.

According to a statement by Bayo Onanuga, Special Adviser to the President on information and strategy, the inauguration was carried out on Friday by the President’s Chief of Staff, Femi Gbajabiamila, who represented the President. He described the creation of GAMCO as a major reform designed to optimise power generation and improve the performance of Nigeria’s transmission network.

“The proposed establishment of GAMCO is one of the revolutionary steps taken by Mr President and this administration in the all – important power sector. We are here for the inauguration of the Committee on Grid Asset Management Company (GAMCO), which is basically to optimise and revolutionise power generation, and in particular, the grid and transmission sector,” the Chief of Staff said.

According to Gbajabiamila, the committee will play a key role in advancing the administration’s vision for the power sector by ensuring the smooth establishment and operational framework of the new company.

The presidency said the committee is expected to conduct a comprehensive review of laws, regulations, and policies governing Nigeria’s electricity value chain, including generation, transmission, distribution, and market operations. It will also examine the implications of the Electricity Reform Laws (2025) on asset ownership, management, and regulatory oversight.

Among its 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, particularly the Omotosho, Olorunshogo, and Ihovbor power plants, which are expected to serve as pilot facilities for GAMCO.

The committee will also evaluate how GAMCO’s proposed mandate aligns with the statutory responsibilities of the Nigerian Electricity Regulatory Commission and determine the financial and market implications of the initiative, including issues relating to subsidies, market liquidity, and revenue frameworks.

Gbajabiamila will chair the committee, with the Lateef Fagbemi, Attorney-General of the Federation and Minister of Justice, serving as a member alongside the ministers of power, works, finance, communications and digital economy, science and technology, aviation and aerospace development, and the minister of state for petroleum. Other members include the chairman of the Nigeria Revenue Service and energy law expert Yemi Oke. The Permanent Secretary of the Cabinet Affairs Office, Dr John Chidiebere Ezeamama, will serve as secretary.