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 addressing Nigeria’s persistent power sector challenges.

The committee follows the approval of GAMCO by the Federal Executive Council, which endorsed the proposal to tackle stranded power generation, transmission bottlenecks, and grid management inefficiencies.

The inauguration was carried out by Femi Gbajabiamila on behalf of the President, as disclosed in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

Onanuga 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.”

The committee’s mandate includes reviewing existing laws, regulations, policies, and frameworks governing electricity generation, transmission, distribution, and market operations. It will assess the implications of the Electricity Reform Laws (2025) on asset ownership, management structures, and regulatory oversight, while identifying overlaps or conflicts between GAMCO and existing legal instruments.

Key assets under review include facilities owned by the Niger Delta Power Holding Company and the National Integrated Power Project, particularly the Omotosho (513MW), Olorunsogo (754MW), and Ihovbor (508MW) power plants, which are planned for the pilot phase.

The committee will also evaluate GAMCO’s relationship with the Nigerian Electricity Regulatory Commission, including fiscal, financial, and market implications such as subsidy exposure, market liquidity, and revenue structures.

The committee is chaired by the President’s Chief of Staff and includes Ministers of Power, Works, Finance, Communication and Digital Economy, Science, Technology and Innovation, Aviation and Aerospace Development, and the Minister of State for Petroleum. Other members include the Lateef Fagbemi, Chairman of the Nigeria Revenue Service, energy expert Yemi Oke, and the Permanent Secretary of the Cabinet Affairs Office, John Chidiebere Ezeamama, who serves as secretary.

GAMCO will operate as a fully government-owned commercial venture, with shares held through Ministry of Finance Incorporated, aiming to recover and optimise stranded electricity generation capacity using the Benin–Lagos transmission corridor as a pilot phase.

The pilot phase will focus on optimising output from the Omotosho, Olorunsogo, and Ihovbor plants, with a target to recover at least 1,600 MW within 18–24 months and the development of a new 330KV+ double-circuit transmission line along the corridor.

The government said success in the pilot phase would allow expansion to other power plants and transmission corridors, enhancing industrial productivity, investor confidence, job protection, and household welfare.