President Bola Tinubu on Friday, inaugurated an 11-member committee to facilitate incorporation of the proposed Grid Asset Management Company Ltd., (GAMCO).
The inauguration took place at the State House, Abuja, following the Federal Executive Council’s (FEC) approval for the establishment of the company at its Wednesday meeting.
The initiative aims to address persistent challenges of stranded electricity generation, grid management and transmission within Nigeria’s power sector.
The Federal Government projects that GAMCO will recover at least, 1,600 megawatts of stranded power within 18 to 24 months.
The Chief of Staff to the President, Femi Gbajabiamila, performed the inauguration on behalf of the President.
Mr Gbajabiamila will serve as chairman of the committee, alongside the Attorney-General of the Federation and ministers of power, works and finance as members.
Other members include the ministers of Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, and the minister of State for Petroleum.
Also on the committee are the Chairman of the Nigeria Revenue Service and energy expert, Prof. Yemi Oke.
The Permanent Secretary, Cabinet Affairs Office, Dr John Ezeamama, will serve as secretary of the committee.
Mr Gbajabiamila described the proposed company as a major step toward repositioning Nigeria’s electricity sector.
“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, particularly the grid and transmission sector.”
He urged members of the committee to align with the President’s vision and diligently execute their mandate.
Mr Gbajabiamila said the committee would undertake a comprehensive review of existing laws, regulations, policies and institutional frameworks governing Nigeria’s electricity value chain.
According to him, the review will cover generation, transmission, distribution and market operations within the power sector.
He said the committee would examine the implications of the Electricity Reform Laws 2025, and related unbundling arrangements on asset ownership, management and regulatory oversight.
The committee will also identify areas of conflict, overlap or inconsistency between the proposed GAMCO framework and existing legal and regulatory instruments.
The chief of staff said members would assess the legal status and contractual obligations of the Niger Delta Power Holding Company and National Integrated Power Project assets.
These include the Omotosho, Olorunsogo and Ihovbor power plants, expected to serve as the pilot phase for GAMCO.
He added that the committee would examine the interface between GAMCO and the statutory responsibilities of the Nigerian Electricity Regulatory Commission.
He said, “The committee will also determine the fiscal, financial and market implications of the proposal, including subsidy exposure, market liquidity and revenue frameworks.”
Mr Gbajabiamila said members would advise whether the operationalisation of GAMCO required amendments to existing legislation or regulatory directives.
The initiative will focus on optimising electricity evacuation along the Benin-Lagos transmission corridor, a key axis supplying power to major industrial centres.
The pilot phase will target improved output from the Omotosho, Olorunsogo and Ihovbor plants, with a combined installed capacity exceeding 1,700 megawatts.
(NAN)
