President Bola Tinubu, in two press statements on Thursday, approved the reconstitution of two boards.
He reconstituted the Board of the Nigeria Electricity Liability Management Company (NELMCO) with a modification to the NELMCO Board structure, which 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).
The new team is as follows 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) and Prof. (Mrs) Ayanfemi Ayandele — Non-Executive Director (three-year term).
In consonance with his Renewed Hope Agenda, President Tinubu anticipated 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)."
The second board that was reconstituted in furtherance of his 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), the Governing Board of the FGN Power Company.
The company was tasked with implementing the accelerated performance agreement with Siemens Energy.
By the President's directive, the Chairmanship of the FGN Power Company Board has been assigned to the Office of the Minister of Power.
The new structure is now 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 and President, Nigerian Society of Engineers (NSE) — Member.
The President has also 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.
President Tinubu has 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.
The two statements were signed by the President's Special Adviser on Media and Publicity, Chief Ajuri Ngelale.