Federal Govt Launches RAMCO To Manage Power Assets And End Cycle Of Neglect

KINGSLEY EBERE

The Federal Government on Wednesday launched the Renewable Asset Management Company, RAMCO, a new special purpose vehicle created to manage Nigeria’s power infrastructure and break the cycle of asset decay after commissioning.

The launch, held in Abuja, brought together key government officials and sector stakeholders. In attendance were the Minister of Power, Joseph Tegbe; Minister of Education, Dr Tunji Alausa; Minister of State for Health and Social Welfare, Dr Iziaq Salako; Special Adviser to the President on Power, Lanre Babalola; and the Director-General of the Budget Office, Tanimu Yakubu. Also present were the Board Chairmen and Chief Executives of the Ministry of Finance Incorporated, MoFI, Infracorp, and the Rural Electrification Agency, REA. The Minister of Finance was represented.

Speaking at the RAMCO Stakeholders’ Launch and Media Engagement Session, Tegbe said the company was established to safeguard what has already been built, improve the performance of existing assets, and ensure that every naira invested in the power sector delivers sustained service.

He explained that RAMCO fits into a broader reform agenda focused on three priorities: stabilising the national grid, improving liquidity in the power sector, and aggregating energy assets to support industrial clusters and economic corridors across the country.

“Our ambition goes beyond ending darkness,” Tegbe said. “Our ambition is to use electricity to build prosperity. To make Nigeria competitive for manufacturing. To power the next generation of digital infrastructure. To provide reliable electricity to our hospitals. To modernise agriculture. To expand opportunity in rural communities. And to build an electricity industry that can attract domestic and international capital on its own commercial merits.”

The Minister commended President Bola Ahmed Tinubu, GCFR, for providing the policy direction that enabled financially sustainable and institutionally durable models like RAMCO.

He also acknowledged the collaboration of MoFI and Infracorp for their role in asset structuring, the REA under Dr Abba Aliyu for its delivery track record, the Ministry of Finance for fiscal support, and the Ministry of Health and Social Welfare through the Power for Health Initiative which targets hospitals and primary health centres.

In his remarks, the Managing Director of REA, Dr Abba Aliyu, said the idea of RAMCO had been on the table for several years but lacked the push for execution until Tegbe assumed office.

He pointed to REA’s achievements since 2017 as evidence of why asset management must now take centre stage. According to him, the agency has deployed 82 megawatts of solar hybrid generation across 22 federal universities and three teaching hospitals under the Energising Education Programme.

Aliyu noted that for such investments to remain viable, there must be a clear pathway for cost recovery through cost-reflective tariffs, operations and maintenance, and professional asset management. That, he said, is the gap RAMCO is designed to fill.

REA Board Chairman, Ayo Fayose, also spoke at the event. He called on Nigerians to change their attitude toward public assets and to see maintenance and accountability as a collective responsibility.

Commitment to Reforms
The Federal Ministry of Power, in a statement after the event, reaffirmed its commitment to delivering stable, reliable and sustainable electricity to all Nigerians in line with the Renewed Hope Agenda of the Tinubu administration.

The Ministry said it will continue to work closely with regulatory agencies, development partners, private investors and state governments to ensure the successful take-off of RAMCO and the broader reforms in the Nigerian power sector.

With RAMCO now operational, government officials say the focus will shift from just building new infrastructure to making sure existing ones work optimally, deliver value, and support Nigeria’s long-term economic growth.