Iyunade Grace
President Bola Tinubu has established an 11-member committee to oversee the incorporation of the Grid Asset Management Company Limited (GAMCO), aimed at addressing Nigeria’s persistent power sector challenges. The committee, chaired by Femi Gbajabiamila, Chief of Staff to the President, will conduct a comprehensive review of existing laws, regulations, and policies governing the electricity value chain.
The committee’s primary objective is to ensure the smooth establishment of GAMCO, which will focus on optimizing power generation and transmission, particularly in the Benin-Lagos transmission corridor. This corridor serves Nigeria’s largest industrial and commercial centers, including Ogun and Lagos states.
GAMCO is expected to recover at least 1,600 megawatts of electricity within 18-24 months and develop a new high-capacity 330KV+ double-circuit transmission line. The initiative aims to address transmission bottlenecks, improve power reliability, and enhance national competitiveness.
The committee comprises key stakeholders, including the Ministers of Power, Finance, Works, and Communication and Digital Economy, as well as energy expert Yemi Oke. The Permanent Secretary of the Cabinet Affairs Office, John Chidiebere Ezeamama, serves as the committee’s secretary.
The establishment of GAMCO is part of President Tinubu’s broader efforts to reform the power sector and address longstanding challenges. The initiative is expected to attract private capital, improve asset management, and enhance electricity reliability for households and businesses .
The committee will evaluate the interface between GAMCO and the Nigerian Electricity Regulatory Commission, assessing fiscal and market implications, including subsidy exposure and revenue frameworks. It will also determine whether GAMCO’s establishment requires amendments to primary legislation or executive directives.
The success of the pilot phase is expected to serve as a model for nationwide grid stabilization and expansion, optimizing underperforming federal power assets and boosting industrial productivity.
The Federal Government will fully own GAMCO as a commercial venture, with shares held through the Ministry of Finance Incorporated.
