- The Minister of Power, Adebayo Adelabu, called for urgent structural reforms and stronger corporate governance in public enterprises.
- He emphasised that improved governance is essential for national development, efficient service delivery, and attracting investment in the power sector.
The Minister of Power, Adebayo Adelabu, has stressed the urgent need for structural reforms in Nigeria’s public enterprises. He said these reforms would help make public institutions more efficient and responsive to the country’s changing economic realities.
Speaking at the first-ever Corporate Governance Forum in Nigeria, held on Monday, April 7, at the Transcorp Hilton Hotel in Abuja, the Minister stressed the importance of good governance. He said good governance helps protect public resources and ensures they are used to meet the needs of the country
Adelabu explained that the unbundling of the Transmission Company of Nigeria (TCN) is one of the major reforms in the power sector. The reform split TCN into two entities: the Nigeria Independent System Operator (NISO) and the Transmission Service Provider (TSP), in line with the Electricity Act 2023.
He said this move goes beyond administration—it shows a commitment to better corporate governance, operational transparency, and value creation.
The Minister said, “State-owned enterprises have played a major role in supporting Nigeria’s economy. But rising challenges and public expectations show the need for change, especially in how these enterprises are run.”
He added that the unbundling of TCN supports the push for more effective and accountable institutions in the power sector. NISO now manages the balancing of electricity supply and demand, while TSP handles the development and maintenance of transmission infrastructure.
Adelabu said both agencies must operate with integrity and independence. He noted that good governance would improve performance, attract investors, and protect public interest.
He praised the Ministry of Finance Incorporated (MOFI) for launching the Corporate Governance Scorecard and its pilot assessments. These tools aim to build a performance-driven culture across government enterprises.
Adelabu praised the Ministry of Finance Incorporated (MOFI) for leading the repositioning of government asset management and prioritising governance for Federal Government-Owned Enterprises. He also committed to working with relevant authorities to ensure clear governance frameworks for power sector entities.
“The Federal Ministry of Power will support these reforms,” Adelabu said. “We will make sure our agencies follow clear and practical governance frameworks.”
The Finance Minister and Coordinating Minister for the Economy, Wale Edun, along with the Chairman/CEO of the MOFI Corporate Governance Forum, Shamsudeen Usman, attended the event.
“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,” Adelabu concluded.