The Minister of Power, Chief Adebayo Adelabu, has called on the Infrastructure Concession Regulatory Commission (ICRC) to prioritize the thorough assessment of investors’ financial and technical capabilities before entrusting them with critical public assets in the power sector.
During a recent meeting with the ICRC management at the Ministry’s headquarters in Abuja, the Minister emphasized the need for greater scrutiny of potential investors, citing concerns over the performance of some concessioned assets in the sector. He noted that some of the challenges facing the power industry stem from concessions granted to investors who lacked the necessary financial strength and technical expertise.
“We must begin to do things right in this country. We cannot continue blaming the president for everything; we must take responsibility at our respective desks,” Adelabu stated. “If there are agreements in place, they should be honored. I urge you to review how we approach concessions to ensure we are making informed and responsible decisions moving forward.”
The Minister also addressed the persistent problem of infrastructure vandalism, noting that the power sector has been increasingly targeted by bandits and terrorists, with some incidents amounting to deliberate sabotage. He called for a united effort to address these security challenges and protect the nation’s critical power infrastructure.
Despite these challenges, Adelabu expressed confidence in the progress made within the power sector over the past year, attributing it to the resilience and dedication of all stakeholders. He reaffirmed the government’s commitment to fulfilling President Bola Tinubu’s promise to make power more accessible to Nigerians.
“We are determined to achieve the mandate given to us by President Tinubu to ensure reliable power supply for Nigerians. What we have accomplished in the last year is just the beginning, and we are ready to continue working hard to bring this vision to fruition,” Adelabu said.
In response, the Director General of the ICRC, Dr. Jobson Ewalefoh, assured the Minister of the agency’s full support in working with the Ministry to ensure the successful implementation of President Tinubu’s power sector mandate.
“Hon. Minister, I commend the progress you’ve made despite limited resources and time. From your analysis and the improvements we’ve seen so far, we are confident that you will deliver on the President’s goals for the power sector,” Dr. Ewalefoh stated. “While we understand the magnitude of the task ahead, we must be realistic and acknowledge that there are no quick fixes. However, I want to assure you that we are ready to collaborate and contribute to finding the right solutions.”
Dr. Ewalefoh further highlighted the substantial investment needed in the power sector but emphasized that the potential returns were equally significant. He reiterated ICRC’s commitment to partnering with the Ministry to achieve the President’s vision for the sector.
“We are ready to support your efforts and work alongside you to ensure the power sector is placed on the path to sustainable growth,” he added.
