President Bola Tinub has consented to the reconstitution and restructuring of the Governing Board of the FGN Power Company.
This was made known by the presidential spokesman, Ajuri Ngelale.
He said that the move is geared towards comprehensively modernising Nigeria’s electric power transmission grid under the Presidential Power Initiative.
The FGN Power Company is pivotal to implementing the accelerated performance agreement with Siemens Energy, a critical component of the Presidential Power Initiative to modernise the nation’s power transmission infrastructure, according to Politics Nigeria.
Under the new structure, the Board of the FGN Power Company will be chaired by the Honourable Minister of Power.
The Vice-Chairmanship has been assigned to the Honourable Minister of Finance.
The reconstituted Board includes key stakeholders from various sectors, ensuring a well-rounded representation 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
Simultaneously, the President has removed the Steering Committee from the governance framework of the FGN Power Company.
The Office of the Minister of Power will now exercise full oversight over the company.