The minister of power, Chief Adedayo Adelabu, has emphasised the need for a vibrant judicial system in the country in order to attract much needed private investment in the power sector of the economy.
Speaking during the Nigerian Electricity Regulatory Commission, (NERC) fourth seminar for Judges, held at the National Judicial Institute, Abuja, the minister pointed out that the Nigerian judiciary has helped Nigerian Electricity Supply Industry, (NESI), with notable pronouncements and the act of the judiciary goes far in attracting private investment in the power sector.
He said, “In the financial services industry, we say that investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench.”
According to him, “As we navigate our path towards a more commercially viable electricity market that is characterised by legal and contractual obligations, the imperative to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative.
“This seminar is part of the broader vision of the Commission and NJI to engage the members of the judiciary on important developments in the sector.
“The judiciary’s pivotal role, through notable pronouncements, contributes significantly to attracting private investment in the power sector.”
Adelabu recalled that Nigeria has started on the journey towards critical reforms in the power sector towards producing revolutionary results.
He added that “Prior administrations have contributed immensely in this regard but the legislative changes that have occurred in the past year have placed the sector on the path of a total paradigm shift.
“The notable legislative changes have been the amendment of the Constitution of the Federal Republic of Nigeria with the granting of unfettered powers to sub-nationals to develop electricity markets within their jurisdictions and the Electricity Act 2023 that was assented to by Mr. President in the first month of his administration.
“The Electricity Act 2023 introduces far reaching features that propel market liberalisation, extend regulatory reach, and establish a more coherent policy framework that will mitigate the operational and systemic risks in NESI.”
Also speaking, the Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, said Electricity sector is one that is very important to Nigeria and has far-reaching implications for the growth and prosperity of our country.
Justice Ariwoola who was represented by the NJI Administrator, Hon. Justice Salisu Garba, in a keynote, said the workshop will bring the judges up to speed on the current realities,
especially realities that are necessitated by the activities in the electricity and energy sub sector and how these affect judicial officers in their dual capacities as citizens and as administrators of justice according to law.”
In his goodwill message, chairman, Senate Committee on Power, Senator Enyinnaya Abaribe, noted the role of the Electricity Act and the need for collaboration between the federal and state governments towards implementing the multi-tier electricity market; he added that this would require a lot of partnerships with the judiciary.
In his remarks NERC chairman, Sanusi Garba said the key objectives of the seminar is to stimulate a discourse on emerging legal issues relating to the NESI and to appraise the judiciary of the recent changes in the regulatory landscape.
“In view of the need to involve all arms of government in the operation of electricity, the seminar is timely and it will afford the judiciary and the regulatory body in the NESI the opportunity to dissect every aspect of the law, which will give us a better environment to ensure that all the service providers and Nigerian public benefit from the passing of the Electricity Act 2024 as amended.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
