President Bola Tinubu has inaugurated an 11-member committee to ensure the smooth incorporation of the Grid Asset Management Company Limited (GAMCO).
The committee’s formation follows the Federal Executive Council’s approval for the establishment of GAMCO at its Wednesday meeting.
In proposing GAMCO, President Tinubu aims to fast-track solutions to the persistent challenges of stranded power, grid management, and transmission inefficiencies within the country’s electricity sector.
The Chief of Staff to the President, Femi Gbajabiamila, who inaugurated the committee on behalf of the President, described it as critical to realising 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 urged committee members to align with the President’s vision and to strictly adhere to the committee’s mandate.
Committee’s Terms of Reference
Gbajabiamila explained that the committee would conduct a comprehensive review of existing laws, regulations, policies, and institutional frameworks governing the electricity value chain, including generation, transmission, distribution, and market operations.
He said it will also examine the implications of the Electricity Reform Laws (2025) and related unbundling arrangements on asset ownership, management, and regulatory oversight.
According to him, the committee will identify areas of conflict, overlap, or inconsistency between the proposed GAMCO framework and existing legal and regulatory instruments.
The panel will also assess 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 plans to use for its pilot phase.
Additionally, it will evaluate the interface between GAMCO’s proposed mandate and the statutory functions of the Nigeria Electricity Regulatory Commission (NERC), determining the fiscal, financial, and market implications of the initiative, including subsidy exposure, market liquidity, and revenue frameworks.
The committee will also consider whether the establishment and operationalisation of GAMCO require amendments to primary legislation, subsidy regulations, or executive directives.
Committee Composition
The Chief of Staff to the President serves as Chairman of the Committee. Other members include the Attorney–General of the Federation and Minister of Justice, and the Ministers of Power, Works, and Finance.
Additional members are the Ministers of Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, the Minister of State for Petroleum, 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, is the committee’s secretary.
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GAMCO Initiative
GAMCO aims to recover and optimise stranded power generation, using the Benin-Lagos transmission corridor as a pilot phase.
The initiative seeks to address challenges in Nigeria’s power sector through optimisation, mobilisation of private capital, and disciplined asset management, ultimately improving electricity reliability and national competitiveness.
The Federal Government will fully own GAMCO as a commercial venture, with shares held by the Ministry of Finance Incorporated.
The company will modernise transmission evacuation, starting from the most critical axis of Nigeria’s power system. The Benin-Lagos transmission corridor evacuates bulk power to Ogun and Lagos states, Nigeria’s largest industrial and commercial centres.
The pilot phase will focus on optimising output from the Omotosho, Olorunsogo, and Ihovbor NIPP plants.
Omotosho has an installed capacity of 513MW, Olorunsogo 754MW, and Ihovbor 508MW.
GAMCO aims to recover at least 1,600MW within 18–24 months, alongside developing a new high-capacity 330kV+ double-circuit transmission line along the corridor.
Success during the pilot phase will create a scalable model extendable to additional plants and corridors, forming the backbone of long-term grid stabilisation and expansion.
At present, substantial Federal Government investment in NIPP generation assets remains under-optimised due to operational inefficiencies and transmission bottlenecks, resulting in stranded capacity and suboptimal returns on public capital.
GAMCO plans to unlock the stranded power of the three selected NIPP plants and develop a parallel high-capacity transmission corridor along the Benin-Lagos axis, translating underperforming national assets into reliably delivered megawatts.
The Niger Delta Power Holding Company will grant GAMCO concession and lease arrangements for the three plants, while the Transmission Company of Nigeria (TCN) will grant GAMCO the right to develop, finance, and operate a greenfield 330kV+ double-circuit independent power transmission line along the corridor.
The initiative ultimately aims to enhance industrial productivity, safeguard jobs, boost investor confidence, and improve welfare outcomes for Nigerian households, aligning with the Tinubu administration’s Renewed Hope Agenda.