President Bola Tinubu has inaugurated an 11-member committee to oversee the establishment of the Grid Asset Management Company Limited (GAMCO), a new initiative aimed at optimising Nigeria’s electricity sector.
The inauguration followed the Executive Council of Federation approval for the company earlier this week.
The President hopes GAMCO will address persistent challenges in the power sector, including stranded electricity, grid management, and transmission bottlenecks.
Speaking at the ceremony on Friday at the Presidential Villa Abuja, Chief of Staff to the President, Femi Gbajabiamila, said the committee was a critical step in realising the administration’s goals for the power sector.
The committee, chaired by Gbajabiamila, includes the Attorney-General and Minister of Justice, the Ministers of Power, Works, Finance, Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, the Minister of State for Petroleum, the Chairman of the Nigerian Revenue Service, and energy expert Professor Yemi Oke.
Dr John Chidiebere Ezeamama, Permanent Secretary of the Cabinet Affairs Office, serves as secretary.
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Its mandate covers reviewing existing electricity laws and policies, assessing the legal and operational status of key national power assets, and determining the financial, regulatory, and operational implications of GAMCO.
The committee will also evaluate whether legislative or policy changes are needed for the company’s establishment and operation.
GAMCO will begin operations by optimising the Benin-Lagos transmission corridor, using power from the Omotosho (513 MW), Olorunsogo (754 MW), and Ihovbor (508 MW) National Integrated Power Plants.
The company aims to recover at least 1,600 MW within 18 to 24 months, while developing a new high-capacity 330KV+ double-circuit transmission line along the corridor.
The Federal Government will wholly own GAMCO as a commercial venture through the Ministry of Finance Incorporated.
The project is expected to improve electricity reliability, enhance industrial productivity, safeguard jobs, attract private investment, and provide better power supply to households nationwide.
The success of GAMCO’s pilot phase is intended to serve as a scalable model for additional transmission corridors and power plants, forming the foundation for long-term grid stabilisation and expansion in Nigeria.
(Editor: RolukeOgundele)
