Further, he ordered the Transmission Company of Nigeria (TCN) to transfer all assets and liabilities of Market and Systems operations to the NISO in line with the provisions of EA 2023.
He charged the NISO Board members to maintain the highest standards of integrity and expertise in carrying out their duties of ensuring seamless generation, transmission and distribution of electricity across Nigeria.
According to him, while expectations are high, members of the Board will need to utilize their collective expertise and individual capabilities to achieve the ambitious goals of President Bola Ahmed Tinubu’s Renewed Hope Agenda in the nation’s power sector, within a short period.
Speaking on Tuesday when he inaugurated the newly constituted Board of Directors of NISO at the Presidential Villa, Abuja, Shettima categorically told members of the board that while the Tinubu administration is resolute about building resilient, transparent and investment-friendly power sector, it is their duty to actualize the mandate.
“President Bola Ahmed Tinubu’s administration remains steadfast in its commitment to building a resilient, transparent, and investment-friendly power sector. The establishment of NISO is a decisive step towards achieving this vision. The government will continue to provide the necessary support to ensure that NISO operates independently and efficiently, in line with global best practices.
“We urge the Board and Management of NISO to uphold the highest standards of integrity, professionalism, and dedication in carrying out their duties. Your leadership will be instrumental in shaping the future of the Nigerian Electricity Supply Industry, ensuring sustainable development and economic growth,” he declared.
Emphasizing why members of NISO Board of Directors were appointed, the Vice President pointed out that it is part of the administration’s “unwavering commitment to reforming and strengthening the Nigerian Electricity Supply Industry (NESI).”
He maintained that NISO, which is made up of the System Operator (SO) and Market Operator (MO), has a critical role to play in “ensuring the stability, reliability, and security of the national grid.”
President Tinubu’s approval of the NISO Board, Senator Shettima noted, is in fulfilment of the provisions of Section 30(2) of the EA 2023, which stipulates the appointment of a professionally competent and capable leadership team to drive the organisation’s mandate.
“The rigorous and transparent selection process has produced a Board and Management team with the requisite experience, expertise, and leadership qualities to steer NISO towards success,” he added
On the future of the Transmission Company of Nigeria, the Vice President said, “While TCN is expected to transfer all assets and liabilities related to market and system operations to NISO, in line with Section 15(2)(b) of the Act, it will retain its transmission service provider license.
“Strategically, TCN will continue to play a pivotal role in the power sector by maintaining responsibility for transmission assets and undertaking functions essential to the development and maintenance of Nigeria’s power transmission infrastructure.
“This role will be carried out in accordance with the terms of its license, as issued by NERC, and the relevant provisions of the Act. Going forward, TCN will prioritize enhancing grid infrastructure, strengthening regional interconnections, and facilitating investment in critical transmission upgrades to meet the evolving needs of the electricity market.”
Earlier, the Minister of Power, Chief Adelabu A. Adebayo, said NISO is saddled with the responsibilities of determining “the efficiency and stability of the national grid, the transparency of market operations and ultimately, the quality of service experienced by electricity consumers across the country.”
He further highlighted some of NISO key mandates to include “coordinating of electricity generation in real time to meet national demand, optimize energy dispatch in a manner that guarantees grid stability and delivers the most cost efficient outcomes, enforce market discipline and transparency, ensuring that all market participants operate within clearly defined obligations in the grid code market rules, among others.”
The Minister underscored the relevance of maintaining synergy with all key stakeholders like the Nigeria Electricity Regulatory Commission, State Electricity Regulators, Distribution Companies, Generation Companies and other Market actors.
Also in his remarks, Chairman of National Electric Regulatory Commission (NERC), Engr. Sanusi Garba, said the Tinubu administration remains steadfast in its commitment to building an efficient power sector.
According to him, “the establishment of NISO is a decisive step towards achieving this administration’s mandate and will continue to provide the necessary support to ensure that NISO operates independently and efficiently in line with global based practices,” he stated.
It would be recalled that President Tinubu had in March this year appointed board members of NISO with Dr Adesegun Olugbade as the Board Chairman.
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