BY AKUDORO GLORIA
Minister of Power, Chief Adebayo Adelabu has emphasized the need for urgent structural reforms, particularly in public enterprises in Nigeria for efficiency and productivity with the evolving complexities of the nation’s economy.
He also called for good governance, which is the central to national development that will ensure that public resources are safeguarded and deployed to serve the needs of the country.
Adelabu who spoke on Monday at the first Corporate Governance Forum in Nigeria, held at the Transcorp Hilton Hotel in Abuja, emphasized that one of the most significant structural reforms in recent times in the power sector, is the unbundling of the Transmission Company of Nigeria (TCN) into two distinct operational entities which are the Nigeria Independent System (NISO) and the Transmission Service Provider (TSP), in accordance with the Electricity Act 2023.
He said: “This Forum comes at a critical juncture. Across Nigeria, State-Owned-Enterprises (SOEs) have long held a central role in driving public service, value creation, and supporting economic development. Yet, the evolving complexities of our economy, technological disruptions, and rising public expectations have laid bare the urgent need for transformation – particularly in how we govern these enterprises.
According to the Minister, this was not a mere administrative step but a reflection of the Ministry’s commitment to fostering operational clarity, transparency, and ultimately, value creation through better corporate governance.
“Both the Nigeria Independent System and the Transmission Service Provider have critical mandates. The NISO will oversee the real time balancing of electricity supply and demand, while the TSP will be responsible for maintaining and expanding the physical transmission infrastructure.
“To deliver on these mandates effectively, each entity must be governed with integrity, independence, and accountability. Good corporate governance will not only ensure their operational excellence, but also bolster investor confidence, facilitate regulatory compliance, and protect public interest”, he said.
Adelabu commended the MOFI for leading the repositioning of the Federal Government’s asset management function and in embedding governance as a strategic priority for all Federal Government Owned Enterprises. He said the launch of the Corporate Governance Scorecard and the pilot assessment are important steps in building a culture of performance and transparency across the public enterprise landscape.
He added: “The Federal Ministry of Power stands ready to align with these efforts and institutionalized sound governance practices across all entities within our purview. We will continue to work with the relevant authorities to ensure that the governance frameworks of Nigeria Independent System Operator and the Transmission Service Provider and other power sector entities are clear, functional, and fit for purpose.
“In closing, let me reaffirm that for us in the Nigeria Power Sector, good corporate governance is not a luxury, it is a necessity for national competitiveness, financial sustainability, and inclusive service delivery. We expect that this forum will serve as a catalyst not just for dialogue, but for action”.
The event which was convened under the leadership of Ministry of Finance Incorporated (MOFI) in collaboration with the World Bank and other esteemed development partners, had in attendance, the Minister for Finance and the Coordinating Minster for the Economy, Mr. Wale Edun; the Chairman/CEO of MOFI Corporate Governance Forum, Dr. Shamusudeen Usman among other dignitaries.