By Jemimah Wellington, JKNewsMedia reporter
LEADERSHIP CHANGED hands and so did the narrative on governance in Nigeria’s public enterprises, as Minister of Power, Chief Adebayo Adelabu, pressed for urgent structural reforms to boost efficiency and productivity across the country’s state-owned entities.
Addressing the maiden Corporate Governance Forum hosted at the Transcorp Hilton in Abuja, Chief Adelabu said reforms were critical to adapting to Nigeria’s complex and evolving economic landscape.
He identified sound governance and transparency as central pillars for national development, particularly within strategic sectors like energy.
Citing the unbundling of the Transmission Company of Nigeria (TCN) into two distinct entities—Nigeria Independent System Operator (NISO) and the Transmission Service Provider (TSP)—Adelabu described the move as a milestone under the Electricity Act 2023.
Far from a bureaucratic shuffle, the split represents a deliberate step to deepen operational clarity and drive corporate accountability in the power sector.
“This forum comes at a critical juncture,” Adelabu said, noting the longstanding role of State-Owned Enterprises (SOEs) in supporting economic development. “Yet, technological shifts and rising public expectations make it clear: transformation is urgent.”
He highlighted the distinct mandates of the newly created entities. NISO is tasked with real-time balancing of electricity supply and demand, while the TSP oversees the maintenance and expansion of transmission infrastructure. To deliver on these mandates, Adelabu stressed, governance frameworks must promote integrity, independence, and accountability.
“Good corporate governance is not a luxury; it is a necessity,” he declared. “It ensures public resources are safeguarded and channelled effectively to support access, reliability, and the energy transition.”
Adelabu also commended the Ministry of Finance Incorporated (MOFI) for its leadership in repositioning asset management functions within the federal government and embedding governance as a strategic priority.
He described the launch of the Corporate Governance Scorecard and its pilot assessment as vital steps in fostering transparency and performance culture in Nigeria’s public sector.
He pledged alignment with these efforts, stating that the Ministry of Power would institutionalise sound governance practices across all its entities, ensuring frameworks for both NISO and the TSP are fit for purpose.
Finance Minister and Coordinating Minister for the Economy, Mr. Wale Edun, and MOFI Chairman Dr. Shamsudeen Usman also attended the forum, which underscored a nationwide push to entrench reform across federal institutions.
Metering Rollout Gathers Pace with First Batch of 3,205,101 Meters
Separately, the Ministry of Power confirmed Nigeria will receive the first batch of 3,205,101 electricity meters in 2025, targeting the closure of the national metering gap.
A statement by Bolaji Tunji, Special Adviser on Strategic Communications to Chief Adelabu, said 75,000 meters under the International Competitive Bid 1 (ICB1) will arrive in April, with another 200,000 expected in May.
The intervention follows media reports portraying a metering crisis. The ministry countered the narrative, citing progress in installations and clear implementation frameworks.
As of December 2024, 5,502,460 customers—55% of Nigeria’s 10.1 million active electricity users—had been metered. In 2024 alone, 572,050 meters were installed.
While acknowledging the persistent gap, the ministry reaffirmed its commitment to bridging it through structured national programmes.
Key among them is the Distribution Sector Recovery Program (DISREP), expected to deliver 3.2 million meters by 2026 through a combination of procurement models.
These include 1,437,501 meters via ICB1, 217,600 through National Competitive Bid (NCB), and 1,550,000 under ICB2.
Further support comes from the ₦700 billion Presidential Metering Initiative (PMI), backed by funds from the Federation Account Allocation Committee (FAAC).
The initiative targets two million meters per year over five years, with tenders for the first batch to be released in Q3 2025. A Special Purpose Vehicle (SPV) has been established to oversee the implementation.
“The idea that it will take over a decade to resolve the metering gap is misleading,” the statement read. “With DISREP and PMI underway, substantial improvements will be evident before year-end.”
Rather than sweeping critiques, the ministry urged a focus on execution and transparency in delivering these reforms, reaffirming the government’s commitment to reliable and inclusive power access.
