By Saidu Abubakar
The following is Professor Emeritus Wumi Iledare’s opinion on some emerging issues discussed at the 10th Anniversary Celebration of the Association of Power Generation Companies (APGC) Conference in Abuja — October 2025.
Professor Iledare formed the opinion at the conference, hence this statement to further put things in proper perspective.
“The increasing involvement of state governments in electricity generation and distribution calls for governance discipline anchored on the quadruple “E” principles — Efficiency, Effectiveness, Ethics, and Equity. Without these, decentralization may simply replicate federal inefficiencies under new actors.
“The Nigerian Bulk Electricity Trading Plc (NBET) remains central to market stability as a creditworthy intermediary, sustaining investor confidence and payment assurance in a fragile power market,” he noted. “Yet, its continued relevance depends on governance integrity, ethical leadership, and transparent oversight.”
There is also an emerging realization that the sustainability of generation companies (GenCos) cannot be achieved in isolation from midstream and downstream optimization, according to him. “Power generation without reliable gas supply, efficient transmission, and effective distribution is economically unsustainable.
“Hence, vertical integration — even if partial or strategic — is worthy of serious consideration. In complex value chains like oil, gas, and power, integration enhances operational synergy, cost efficiency, and investment security. It minimizes market fragmentation and strengthens institutional coordination, ensuring that reforms deliver tangible economic value.”
While NBET continues to play a stabilizing role, the long-term sustainability of Nigeria’s electricity industry depends on integrated governance, where each segment — from gas-to-power to end-use delivery — aligns under coherent economic and ethical principles consistent with the quadruple “E”, he emphasized.
“The question, therefore, is not whether states should participate, but how they do so — with competence, transparency, and a value-creation mindset that transforms electricity supply from a political trophy into an economic enabler.”
— Professor Emeritus Wumi Iledare (PEWI)
