President Bola Tinubu has given approval for the reconstitution and restructuring of the Governing Board of the FGN Power Company.
According to Presidential Spokesman Ajuri Ngelale, this decision aims to modernize Nigeria’s electric power transmission grid as part of the Presidential Power Initiative (PPI).
The FGN Power Company plays a crucial role in carrying out the accelerated performance agreement with Siemens Energy, which is a vital aspect of the Presidential Power Initiative to upgrade the country’s power transmission infrastructure.
As per the new arrangement, the Board of the FGN Power Company will be led by the Honourable Minister of Power, with the Vice-Chairmanship position being held by the Honourable Minister of Finance.
The restructured Board will consist of key stakeholders from different sectors, ensuring a diverse representation.
- Honourable Minister of Power — Board Chairman, FGN Power Company
- Honourable Minister of Finance — Board Vice-Chairman, FGN Power Company
- Managing Director/CEO, FGN Power Company — Member
- Director-General, Bureau for Public Enterprises — Member
- Managing Director, Transmission Company of Nigeria (TCN) — Member
- Distribution Companies’ Representative — Member
- Generation Companies’ Representative — Member
- President, Nigerian Society of Engineers (NSE) — Member
At the same time, the President has eliminated the Steering Committee from the governance framework of the FGN Power Company.
Now, the Office of the Minister of Power will have full oversight over the company.
Ngelale stated that President Tinubu believes that this simplified structure will improve organizational agility and efficiency, making it easier to carry out the complete modernization of Nigeria’s electric power transmission grid in partnership with Siemens Energy.
The main objective is to provide better power infrastructure for all Nigerians.
