Tinubu approves reconstitution of FGN power company board of directors, NELMCO board

March 7, 2024

President Bola Tinubu has approved the reconstitution of the Board of the Nigeria Electricity Liability Management Company (NELMCO) with a modification to the Board structure.

This empowers the Office of the Minister of Power to take over the Board Chairmanship from the Office of the Minister of Finance, in view of NELMCO’s central role in the operation of the Nigeria Electricity Supply Industry (NESI), according to a statement by Ajuri Ngelale, Presidential spokesperson on Thursday.

Board’s new structure and composition:

Honourable Minister of Power — NELMCO Board Chairman

Honourable Minister of Finance — NELMCO Board Vice-Chairman

Director-General, Debt Management Office — Member

Director-General, Bureau of Public Enterprises — Member

Mrs. Mojoyinoluwa Dekalu-Thomas — NELMCO Managing Director/CEO (five-year term)

Mr. Joseph Asuku Bello — NELMCO Executive Director, Asset Management (five-year term)

Mr. Hassan Yahya — NELMCO Executive Director, Corporate Services (five-year term)

Mr. Abdullahi Mahmud Gaya — Non-Executive Director (three-year term)

Prof. (Mrs) Ayanfemi Ayandele — Non-Executive Director (three-year term)

The statement reads further that in consonance with his Renewed Hope Agenda, President Tinubu “anticipates that NELMCO Board’s new structure and composition will yield expeditious and measurable progress in the management of the power sector’s post-privatization liabilities to create conditions for the sustainable attainment of world-class standards of operational efficiency across all sub-components of the Nigeria Electricity Supply Industry (NESI).

In another development, the President also approved the reconstitution and amended structure of the Governing Board of the FGN Power Company, which is tasked with implementing the accelerated performance agreement with Siemens Energy.

This he said is in furtherance of his the president’s landmark effort to achieve the full end-to-end modernization of the nation’s electric power transmission grid as part of the Presidential Power Initiative (PPI),

“By the President’s directive, the Chairmanship of the FGN Power Company Board has been assigned to the Office of the Minister of Power as follows:

(1) Honourable Minister of Power — Board Chairman, FGN Power Company

(2) Honourable Minister of Finance — Board Vice-Chairman, FGN Power Company

(3) Managing Director/CEO, FGN Power Company — Member

(4) Director-General, Bureau for Public Enterprises — Member

(5) Managing Director, Transmission Company of Nigeria (TCN) — Member

(6) Distribution Companies’ Representative — Member

(7) Generation Companies’ Representative — Member

(8) President, Nigerian Society of Engineers (NSE) — Member Furthermore, the President has approved the removal of the Steering Committee from the governance framework of the FGN Power Company with full oversight powers granted to the Office of the Minister of Power.

The President approved the aforementioned changes with the full expectation that the leaner structure will provide greater organizational agility and efficiency in delivering the complete modernization of the nation’s electric power transmission grid in collaboration with Siemens Energy for the benefit of all Nigerians.