President Bola Tinubu has inaugurated an 11-member committee tasked with overseeing the incorporation and operationalisation of the Grid Asset Management Company Limited (GAMCO), aimed at addressing chronic challenges in Nigeria’s power sector, particularly stranded generation capacity and transmission bottlenecks.
The committee was constituted following the Federal Executive Council’s approval of GAMCO’s establishment earlier this week.
Chief of Staff to the President Femi Gbajabiamila performed the inauguration on behalf of the President on Friday, March 6, 2026, describing the initiative as one of the administration’s “revolutionary steps” to transform the electricity sector.
Gbajabiamila emphasised that GAMCO is designed to optimise power generation, grid management, and transmission, with a pilot focus on recovering stranded capacity along the Benin-Lagos transmission corridor the critical route supplying bulk power to Ogun and Lagos states, Nigeria’s major industrial and commercial hubs.
The committee, chaired by the Chief of Staff, includes the Attorney-General of the Federation and Minister of Justice, Ministers of Power, Finance, Works, Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, Minister of State for Petroleum, Chairman of the Nigeria Revenue Service, and energy expert Professor Yemi Oke.
The Permanent Secretary, Cabinet Affairs Office, Dr John Chidiebere Ezeamama, serves as secretary.Its mandate includes:Reviewing existing laws, regulations, policies, and institutional frameworks across the electricity value chain.
Assessing the impact of the Electricity Reform Laws (2025) and unbundling arrangements on asset ownership, management, and regulation.
Examining potential conflicts or overlaps between GAMCO’s framework and current legal instruments.
Evaluating the legal status, ownership, and contractual obligations of Niger Delta Power Holding Company (NDPHC) and National Integrated Power Project (NIPP) assets, particularly the Omotosho (513 MW), Olorunsogo (754 MW), and Ihovbor (508 MW) plants selected for the pilot phase.
Analysing interfaces with the Nigerian Electricity Regulatory Commission (NERC), fiscal implications, subsidy exposure, market liquidity, and revenue models.
Determining whether legislative amendments, subsidy regulation changes, or executive directives are required for GAMCO’s establishment and operations.
GAMCO, to be fully owned by the Federal Government through the Ministry of Finance Incorporated, will function as a commercial entity. It aims to mobilise private capital, enforce disciplined asset management, and modernise transmission infrastructure.
In the pilot phase, GAMCO will optimise output from the three NIPP plants, targeting the recovery of at least 1,600 MW within 18–24 months.
This will involve concession and lease arrangements from NDPHC for the plants and rights from the Transmission Company of Nigeria (TCN) to develop and operate a new high-capacity 330kV+ double-circuit transmission line along the Benin-Lagos corridor.
The initiative addresses longstanding issues of under-optimised Federal investments in NIPP assets, caused by operational inefficiencies and evacuation constraints, which have left substantial generation capacity stranded.
If successful, the pilot model will be scaled to other plants and corridors, forming the foundation for long-term grid stabilisation, expanded transmission, and improved electricity reliability.
The President’s Renewed Hope Agenda positions the GAMCO project as key to enhancing industrial productivity, protecting jobs, boosting investor confidence, and improving household welfare through more consistent power supply.
Further details on the committee’s timeline, recommendations, or implementation steps are expected following its comprehensive review.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com