ABUJA, Nigeria (VOICE OF NAIJA)-President Bola Tinubu on Friday set up an 11-member committee to oversee the creation of the Grid Asset Management Company Limited, GAMCO, a move intended to tackle challenges affecting the national grid.
In a statement, presidential spokesman Bayo Onanuga explained that the committee was formed following the Federal Executive Council’s approval for the establishment of the company during its Wednesday meeting.
Through the proposal of GAMCO, President Tinubu aims to accelerate a rapid solution to persistent issues such as stranded power, grid management, and electricity transmission in Nigeria’s power sector.
The Chief of Staff to the President, Femi Gbajabiamila, who inaugurated the committee on behalf of the President, described it as vital to achieving Tinubu’s vision for the country’s electricity industry.
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“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 optimize and revolutionize power generation, and in particular, the grid and transmission sector,” the Chief of Staff said.
The statement further explained that the committee will review the legal status, ownership structure, and contractual commitments tied to the assets of the Niger Delta Power Holding Company (NDPHC) and the National Integrated Power Project (NIPP).
This includes facilities such as the Omotosho Power Plant, Olorunshogo Power Plant, and Ihovbor Power Plant, which GAMCO intends to deploy during its pilot phase.
The Chief of Staff to the President will chair the committee, while the Attorney General of the Federation and Minister of Justice, alongside the ministers of power, works, and finance, will serve as members.