President Bola Tinubu has inaugurated an 11-member committee to oversee the establishment of the Grid Asset Management Company Limited (GAMCO), a move aimed at addressing inefficiencies in Nigeria’s power sector.
The committee’s formation follows the Federal Executive Council’s approval of GAMCO during its Wednesday meeting.
President Tinubu proposed GAMCO as a strategic intervention to tackle persistent challenges, including stranded power, weak grid management, and transmission bottlenecks that have long hindered electricity supply in the country.
The Chief of Staff to the President, Femi Gbajabiamila, who inaugurated the committee on the President’s behalf, described the panel as central to achieving the administration’s vision for Nigeria’s power sector.
He said, “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.”
He called on members to fully align with the President’s vision and strictly adhere to the committee’s mandate.
Gbajabiamila explained that the committee will carry out a thorough review of existing laws, regulations, policies, and institutional frameworks governing Nigeria’s electricity value chain, spanning generation, transmission, distribution, and market operations.
It will examine the implications of the Electricity Reform Laws (2025) and related unbundling arrangements on asset ownership, management, and regulatory oversight. The committee will identify overlaps, conflicts, or inconsistencies between GAMCO’s proposed framework and existing legal instruments.
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The panel will also review the legal status, ownership structure, and contractual obligations of the Niger Delta Power Holding Company (NDPHC) and National Integrated Power Project (NIPP) assets, including the Omotosho, Olorunsogo, and Ihovbor plants, which GAMCO will use in its pilot phase.
Additionally, the committee will assess GAMCO’s interaction with the Nigeria Electricity Regulatory Commission (NERC), evaluating fiscal, financial, and market implications, including subsidy exposure, market liquidity, and revenue structures.
The panel will also determine if any amendments to primary legislation, subsidy regulations, or executive directives are necessary for GAMCO’s establishment and operation.
The Chief of Staff chairs the committee. Members include the Attorney–General of the Federation and Minister of Justice, the Ministers of Power, Works, and Finance, and other key officials: the Ministers of Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, and the Minister of State for Petroleum, as well as the Chairman of the Nigeria Revenue Service and energy expert Professor Yemi Oke. The Permanent Secretary of the Cabinet Affairs Office, Dr John Chidiebere Ezeamama, serves as secretary.
GAMCO will focus on recovering and optimising stranded power using the Benin-Lagos transmission corridor as a pilot project. The initiative seeks to enhance electricity reliability, attract private investment, and improve asset management across the power sector.
The Federal Government will fully own GAMCO as a commercial enterprise, with shares held by the Ministry of Finance Incorporated. The company will modernise power evacuation, initially targeting Ogun and Lagos states, Nigeria’s primary industrial and commercial hubs.
The pilot will optimise output from Omotosho (513MW), Olorunsogo (754MW), and Ihovbor (508MW) NIPP plants. GAMCO aims to recover at least 1,600MW within 18–24 months, alongside constructing a high-capacity 330kV+ double-circuit transmission line along the corridor.
Successful implementation during the pilot phase will create a scalable model applicable to other plants and corridors, forming the foundation for long-term grid stabilisation and expansion.
Currently, significant Federal Government investment in NIPP assets remains under-optimised due to operational inefficiencies and transmission bottlenecks, resulting in stranded capacity and suboptimal returns.
GAMCO plans to unlock the stranded power of the three pilot plants and develop a parallel high-capacity transmission corridor along the Benin-Lagos axis, turning underperforming national assets into reliably delivered megawatts.
The NDPHC will grant GAMCO concession and lease agreements for the three plants, while the Transmission Company of Nigeria (TCN) will authorise GAMCO to develop, finance, and operate a greenfield 330kV+ double-circuit independent transmission line along the corridor.
