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Laws of the Federation Preview 154 min read

Electric Power Sector Reform Act, 2004

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Explanatory Memorandum: This Act provides for the formation of companies to take over the functions, assets, liabilities, and staff of the National Electric Power Authority; develop competitive electricity markets; establish the Nigeria Electricity Regulatory Commission; provide for the licensing and regulation of the generation, transmission, distribution and supply of electricity; enforce such matters as performance standards, consumer rights and obligations and to provide for the determination of tariffs. It also repeals the Electricity Act and the National Electric Power Authority Act.

Arrangement of Sections

PART I - FORMATION OF INITIAL AND SUCCESSOR COMPANIES AND THE TRANSFER OF ASSETS AND LIABILITIES OF THE NATIONAL ELECTRIC POWER AUTHORITY

1. Formation of the initial holding company.

2. Shareholding in the initial holding company.

3. Transfer of assets and liabilities of the Authority to the initial holding company.

4. Exemption from stamp duty.

5. Transfer of employees to the initial holding company and to the Commission, etc.

6. Direction to the Authority.

7. Licensing of the initial holding company.

8. Formation of successor companies.

9. Shareholdings in the .successor companies.

10. Transfer of assets and liabilities of the initial holding company to the successor companies.

11. Conclusive evidence.

12. Release from liability or obligation.

13. Enforcement or continuation of any cause of action or proceedings.

14. Limitation of suit against a transferee.

15. A transfer shall not be deemed to constitute a breach of contract.

16. Provision of records etc to a transferee.

17. Further order amending a transfer order.

18. Regulations.

19. Guarantee or surety.

20. Consideration for the transfer of assets to successor companies.

21. Transfer of employees to the designated successor companies and conditions of services of transferred employees.

22. Directions to the initial holding company.

23. Licensing of the successor companies.

24. Processing of privatization of the successor companies.

PART II - DEVELOPMENT OF A COMPETITIVE ELECTRICITY MARKET

25. Competition during the pre-privatization stage.

26. Competition during the post-privatization stage.

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